Harvey Norman Profits Fall By 12%

Following their announcement on June 30 of an 8.7 per cent increase in sales for the 2007/08 financial year, the retailer has posted a 12% net loss in FY profits, from $407.25 in 2007 to $358.45 in 2008.

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With some 260 stores in Australia and across the world, Harvey Norman said in an ASX statement that it is in an “extremely strong financial position”.

And according to Chairman Gerry Harvey, “we’ve increased our market share in the key areas such as flat panel TVs, technology products, bedding and remain strong in the rest”.