HVN: Sales FY2010
The Directors of Harvey Norman Holdings Limited announce that sales from the franchised “Harvey Norman” complexes, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland (excluding Singapore) totalled $6.08 billion for the year ended 30 June 2010, compared to $6.03 billion for the year ended 30 June 2009, an increase of 0.8%.
Like for like sales for the year ended 30 June 2010, when compared to the year ended 30 June 2009, have increased by 0.2%.
It should be noted that the above sales data has been negatively affected by a 2.1% deterioration in the NZ$, a 17.3% deterioration in the Euro and a 20.9% deterioration in the UK Pound.
Under constant currency New Zealand and Slovenia had a positive quarter due to improving conditions. Ireland continues to be close to line ball with last year.
Sales from the franchised “Harvey Norman” complexes, commercial divisions and other sales outlets in AUSTRALIA is as follows: Lead retail indicators in Australia show a sharp decline in household disposable income (HDI) and consumer sentiment for the last quarter.
Sales from the franchised “Harvey Norman” complexes for the last quarter indicated the following: Furniture and bedding continue to take market share despite the industry experiencing a slow-down with the dampened housing market. Electrical had softening sales but strong transaction growth highlighting deflation in the flat panel market.
Computer sales weakened as the company cycled the small business tax break on top of the cash stimulus.
Yours faithfully Chris Mentis Chief Financial Officer.
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