Harvey Norman, the white goods retailer, recently announced a 1.7% increase in aggregate sales in its overseas company-operated stores for the four months leading up to October. However, the company also reported a decline in comparable sales in certain regions. Sales were down 6.6% in New Zealand, 5.4% in the UK, and 4.4% in Malaysia. On the bright side, sales saw an increase in Slovenia and Croatia by 6.3%, Ireland by 3.2%, and Singapore by 0.3%.
In Australia, franchisees saw a 3.1% increase in comparable sales, but this data is not included in Harvey Norman’s overall results. The company explained to shareholders that the sales were impacted by depreciation in the Euro, New Zealand dollar, and the Singaporean dollar. However, this was partly offset by the appreciation of the UK pound and the Malaysian ringgit.
Following this positive sales growth, Harvey Norman’s shares saw a surge on the ASX, rising by 2.6% to $4.92 by 11:30am AEDT. This increase in share price comes after a steady climb of around 35% over the past year.
Investors and shareholders are optimistic about Harvey Norman’s performance, especially with the recent sales growth in various regions. The company’s ability to navigate through currency fluctuations and still achieve overall growth is commendable. As the holiday season approaches, many will be keeping an eye on Harvey Norman’s performance in the retail sector.
In conclusion, Harvey Norman’s strong sales performance is a positive sign for the company’s future. Despite challenges in certain markets, the overall growth in sales is a promising indicator of continued success. Investors and consumers alike will be watching closely to see how Harvey Norman continues to thrive in the competitive retail landscape.