The Harvey Norman® brand name is a retail icon throughout Australia with 57 franchised complexes in New South Wales, 1 in the Australian Capital Territory, 36 in Queensland, 38 in Victoria, 18 in Western Australia, 10 in South Australia, 6 in Tasmania and 2 in the Northern Territory. Brands sold across the 168 Harvey Norman® franchised complexes throughout Australia are market leaders in the core audio visual and technology segment
The early months of 2020-21 have seen earnings for Harvey Norman continue their strength from the final quarters of 2019-20 as the ripples of the surge in consumer spending in the COVID-lockdowns continues.
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Another very strong sales and profit update from retailer Harvey Norman with the company revealing double-digit growth through the first quarter of 2020-21 as consumers continue to spend heavily.
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Consumers shopped in larger quantities, less frequently and increasingly online during the height of the nationwide lockdowns. The question now is: which trends will persist and which stocks will benefit as restrictions ease?
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Increased Australian franchisee sales have generated exceptional profit growth for Harvey Norman in the latter stages of FY20 but will this heightened state endure?
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Harvey Norman shares rose nearly 5% in yesterday’s weak market after it surprised with a very rare profit estimate before the end of the financial year. The shares ended up 4.9% to $3.62 after the company announced a measure of earnings would be up around 20%.
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First-half results were largely in line with expectations. However, Credit Suisse notes comparisons are unfavourable with The Good Guys ((JBH)) and Nick Scali ((NCK)), as Harvey Norman's Australian franchisee performance weakened in the second quarter relative to the other two.
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Harvey Norman Australian franchisee numbers deteriorated in September/October signalling to Morgan Stanley that the demand backdrop is soft.
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FY19 results missed forecasts. The company has announced an equity raising of $173m. Credit Suisse suspects this will exacerbate investor debates regarding gearing. The franchisee segment was affected by weaker profitability and also increased expenditure on compliance.
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After a tour of the Malaysian and Singaporean operations, UBS is more positive, increasingly confident in both store targets and margin upside. The broker lifts estimates for earnings per share by 1-2% for the group and Asian operating earnings forecasts (EBITDA) by 1-9%.
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UBS found little to like in the first half result, which was softer than expected. Net debt was higher and the dividend disappointed. Comments regarding capital management suggest this is less likely in the near term.
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