Harvey to take advantage of technology growth March 14, 2003 Retailer Harvey Norman Holdings (HVN) said today it will introduce two new hybrid concepts to “take advantage of the significant growth in technology based products.” This came after it reported a net profit of $78.5 million for the 6 months ended 31 December 2002, in line with market expectations and a jump of 15.6% on the previous year.
“The new concepts have been developed to take advantage of the growth in the digital camera, home entertainment, home automation and security, personal computer, business software, entertainment software and communication products, in an interactive format,” the company said in a statement to the ASX.
“Directors anticipate that this innovative concept will see Harvey Norman well placed to service this exciting growth area of the market.”
Revenue for the period came in at $704.8 million, up from $564.1 million in the previous period.
New franchised store openings, including Domayne, should positively impact future sales growth, the group said.
Ten new stores were opened during the period including five in Australia, one in Slovenia and four in New Zealand.
An interim fully franked dividend of 2.5c per share was declared.
Harvey Norman said in January that sales for first half ended 31 December 2002 totalled $1.59 billion, a rise of 13.8% when compared to the same period a year earlier.
On Wednesday Rebel Sport (REB), of which it owns 57%, announced a net profit of $10 million for six months ended 28 December 2002, compared to $342,000 in the previous corresponding period.
Harvey Norman closed yesterday at $2.04.
HVN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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