Harvey Norman's overseas markets record 22 per cent profit
Harvey Norman will significantly increase its international presence with 18 new stores scheduled within the next two years.
New Zealand will get one new outlet but much of the growth will be in South East Asia.
The news comes as the Australian retailer reports its international division has recorded its best-ever trading result, 22 per cent profit.
And despite a 16.5 per cent fall of net profit after tax, the Australian-based company delivered its second highest underlying profit before tax in the company’s history: A$532.54 million, alongside an 8.8 per cent increase on sales revenue to $1.99 billion, up from $1.83 billion in FY17.
Retail sales in New Zealand were just under $1 billion.
The overseas company-operated retail locations increased profitability by 15.1 per cent to A$116.13 million in FY18, from A$100.86 million in FY17.
Chairman Gerry Harvey has revealed the total store number should reach 107 by 2020.
The company’s evolving flagship strategy will see one flagship store in each of the eight countries in which the company, or its franchisees, operate.