Harvey Norman sales revenue update

Harvey Norman Holdings (ASX:HVN) has announced a 1.7% increase in aggregated sales revenue for the period from 1 July 2024 to 31 October 2024. This growth is compared to the same period in 2023. The sales data includes performance from wholly-owned and majority-owned stores in several countries, as well as franchised complexes in Australia.

Harvey Norman's sales performance and strategic outlook

Harvey Norman Holdings has shown a commendable 1.7% increase in sales revenue for the period from July to October 2024. This growth is a reflection of the company's robust performance across various international markets despite the challenging currency conditions. The strategic opening of new stores in key markets underscores Harvey Norman's commitment to expanding its global footprint. The company aims to navigate currency fluctuations while capitalizing on market opportunities to drive future growth. The closure of a Singapore store may signal a strategic reevaluation in that region, while overall, the company maintains a positive trajectory with its franchised and company-operated stores.

Executive commentary on sales performance

The sales performance from 1 July 2024 to 31 October 2024 showed a modest increase, with an overall rise of 1.7% in aggregated sales and a 1.4% increase in comparable sales compared to the previous year. Despite the challenges posed by currency fluctuations, which saw the Euro, New Zealand dollar, and Singaporean dollar depreciate, there were partial offsets from the appreciation of the UK Pound and Malaysian Ringgit. Country-specific performances varied, with Australia seeing a 3.2% increase, and notable growth in Malaysia and the United Kingdom. New store openings in Malaysia, the UK, and New Zealand demonstrate our ongoing expansion strategy.