Retailer Harvey Norman (HVN) reported an increase of 12.4% in sales, totalling $3.04 billion for the six months ended 31 December 2007.
The positive news failed to propel the fledging shares, overwhelmed by the grim markets, which closed 7% down.
Shares in HVN closed 52 cents or 8.8% down at $5.36, while close to 6.5 million shares changed hands.
"When compared to sales for the period 1 July 2006 to 31 December 2006, the increase was 12.4%," the company said.
Compared to the same period ended 31 December 2006, sales increase by 6.9%.
On a quarterly basis, sales from the franchised ‘Harvey Norman' store, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland (excluding Singapore), totalled $1.65 billion for the second quarter ended 31 December 2007.
Harvey Norman (HVN) operates in the retailing sector principally as a franchisor. Revenue is derived from retailing, the provision of advisory and advertising services to franchisees, and property investment.
HVN is included in the benchmark S&P/ASX 200 Index.
