Australian retailer Harvey Norman falls over 6% on annual profit miss

Harvey Norman Holdings

30/08/2024 01:41

** Shares of Australian furniture and electronics retailer
Harvey Norman  HVN.AX  fall as much as 6.5% to A$4.57, their
worst intraday drop since June 26
    ** HVN stock trading at its lowest level since Aug 9, marks
its fourth straight day in red
    ** HVN set to end the month down 1.8% after gaining ~15% in
July
    ** Stock is second-biggest loser in the ASX 200 benchmark
index  .AXJO 
    ** Co logs FY24 statutory net income of A$352.5 mln ($239.56
mln), down ~35% from the prior year and below Visible Alpha
consensus of A$365.2 mln
    ** Says total systems sales revenue A$8.86 bln vs A$9.19 bln
in FY23
    ** Comparable sales in July 2024 were down from a year
earlier in most markets except Australia - up 3.3% - and
Slovenia & Croatia - up 7.1%
    ** HVN stock up 12.3% this year, as of last close


    ($1 = 1.4715 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))