Harvey Norman positive about financial results

Harvey Norman has reported a profit decrease of 15.2 percent to $250 million from its underlying business operations for the year ended 30 June.

This compared with results of $295 million recorded in the previous year.

The retailer said in a statement that the result was a significant improvement on the first half of the year, when the retailer was down about 29 percent.

Gerry Harvey, chairman at Harvey Norman, said the combination of retail, franchise and property portfolios under the Harvey Norman Holdings entity had proven resilient in achieving strong results.

"We are dominant in technology, white goods and bedding," he said.

The retailer also said its franchising operations came in at about $303 million for the current year, compared with $291 for the prior year.

Harvey attributed the improved result to the government's economic stimulus package.

However the retailer faced a $4 million hit before tax from the closure of its OFIS line of retail outlets.