Harvey Norman profits slide despite lift in sales


Harvey Norman’s half year net profit has plummeted over 19 per cent to just over $207M. It comes despite a lift in sales as higher wage costs added to pressure on margins from widespread industry discounting. Earnings before EBITDA fell nearly $380M, down over 12 per cent on the same period a year ago. On the flipside, revenue from company-operated stores climbed 4 point 7 per cent to just over 1 billion dollars, while franchise sales were up by nearly 5 per cent to $3bn. Despite this, the retailer still cut its interim dividend by two cents to 12 cents a share.

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