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Harvey Norman hits record as o’seas shines

by August 31, 2017 General

Harvey Norman boss Gerry Harvey says overseas business could account for more than half of his retail empire’s profits in five to 10 years.

Overseas Harvey Norman stores contributed $90.85 million towards a record net profit of $448.98 million for 2016/17, up 28.8 per cent on the prior year.

Strong growth from New Zealand, Singapore, Malaysia, Slovenia and Croatia, and a 62 per cent reduction in losses in the Irish business, lifted profit from overseas by 24.3 per cent compared to 2015/16.

“This is the best result we have ever had and it has a lot to do with the total overseas contribution getting close to $100 million in profit,” Mr Harvey, the co-founder and chairman of Harvey Norman, told AAP.

“The overseas business is coming into play in a much better way…