Harvey Norman profit set to jump 40%
November 23, 2009
Harvey Norman Holdings Limited (HVN), in an update to the market, said that sales for the period from 1 July 2009 to 22 November 2009 were $1.93 billion, up 7.7% from the previous corresponding period. The retailer said it was anticipating pre-tax profit would be 40% higher for the six months to 31 December over the previous corresponding period.
Like-for-like sales for the period 1 July 2009 to 22 November increased 5.9%.
Gerry Harvey, CEO of Harvey Norman, provided the bullish outlook on sales on Sunday to reporters, helping his company's stock climb 5.2% to $4.46 on Monday.
Other retailers benefited from the optimistic outlook, with JB Hi-Fi Limited (JBH) jumping 3.6% to break through the $23 per share mark for the first time, up from lows of around $6.87 this time last year.
Like-for-like sales for the period 1 July 2009 to 22 November increased 5.9%.
Gerry Harvey, CEO of Harvey Norman, provided the bullish outlook on sales on Sunday to reporters, helping his company's stock climb 5.2% to $4.46 on Monday.
Other retailers benefited from the optimistic outlook, with JB Hi-Fi Limited (JBH) jumping 3.6% to break through the $23 per share mark for the first time, up from lows of around $6.87 this time last year.
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