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Harvey Norman reported its half year results with profit before tax of $400 million up $116.71 million or 41.2%.
Harvey Norman chairman Gerry Harvey did not call out any specific product categories that have contributed to the growth over the half year, or specific category performance from high performing retail events such as Black Friday or Christmas.
On 27 November 2024, franchisee sales for the period from 1 July to 31 October were confirmed to have risen by 3.2% (or 3.1% on a like for like basis). For the months of November and December 2024, sales increased 9% or 8.6% on a like for like basis on the same period a year earlier.
In January 2025, sales increased 2.4% (or 2.1% on a like for like basis) and in the first 21 days of February 2025, sales increased 7.2% (or 7.0% on a like for like basis) compared to a year earlier.
Harvey Norman has demonstrated a strong commitment to artificial intelligence PCs and next generation artificial intelligence technology including Copilot+PC products from brands such as Acer, Asus and Lenovo.
“We have made significant strides in enhancing our digital, online and in-store experiences, alongside the strategic expansion of our global store network and targeted investments in key segments. Consumers continue to embrace the growing AI-PC market with Harvey Norman proudly enhancing its AI-foothold in the delivery of the Next Gen-AI technology range. The continuing innovation and mainstream adoption of Next Gen-AI PCs and devices are expected to drive further sales growth in the Home Appliances, Television, Audio, Mobile & Computer Technology categories throughout Fy25 and beyond,” the company said.
New stores opened in the first half of the 2025 financial year included the flagship store at West Midlands in the UK on 11 October 2024 representing the company’s first store in England. Other stores opened included Christchurch in New Zealand, Woodend in New Zealand, Penang in Malaysia and two stores in Selangor in Malaysia.
In Australia, two franchised complexes were opened during 1H25 — Domayne Macgregor, QLD, on 9 September 2024 and Harvey Norman Melton, VIC, on 14 October 2024. The Harvey Norman Mt. Gravatt franchised complex relocated to the newly constructed Macgregor Homemaker Centre, the new premier homemaker shopping destination in south Brisbane, with Harvey Norman occupying more than 12,000 square metres.
“We intend to relocate a further franchised complex in 2H25 from a leasehold site to a freehold property. It is our present intention to relocate a further three Harvey Norman franchised complexes in FY26, 2 of which are from their current leasehold sites to new freehold properties. During 1H25, the premium refit program has continued, with two premium refits currently in progress located at Penrith (NSW) and Marion (SA). Over the next 12 months and we intend to commence a further three premium refits,” the company said.
“This is a solid result despite challenging retail conditions, ongoing cost-of-living pressures, and global geopolitical uncertainties. The result achieved this half reinforces the resilience and versatility of our integrated retail, franchise, property and digital system across eight countries, delivering stable returns and long-term sustainable value for our stakeholders.
“Total assets have surpassed the $8 billion milestone for the first- time, reaching $8.25 billion as at 31 December 2024. 66% of our asset base is comprised of quality, tangible assets, including an appreciating freehold property portfolio valued at $4.39 billion as at balance date.”
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