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Harvey expects 20% jump in FY profit

Steven Deare
Harvey Norman says it expects full-year profit will be 20 per cent higher

Harvey Norman says it expects full-year profit will be 20 per cent higher, after customers flocked to its Australian stores this year.

The company told the share market preliminary figures showed profit before tax from July 1 2019 to May 31 was higher by about 20 per cent, compared to previous period.

Earlier this month, management said second-half sales were up 17.5 per cent in Australia, although overseas trade slumped after many stores closed due to COVID-19.

Harvey Norman has stores in New Zealand, Malaysia, Ireland, Northern Ireland, Slovenia and Croatia.

The company said it would pay a fully franked special dividend of six cents per share.

Harvey Norman is due to provide its full-year results on August 28.