Business World

Saturday 21 September 2019

Harvey Norman sales surge lifts profits

New accounts filed by Harvey Norman Holdings (Ireland) Ltd show that the business recorded the increase in operating profits after revenues went up by 13pc from €182.49m to €206.3m in the 12 months to the end of June last. Photo: Damien Eagers
New accounts filed by Harvey Norman Holdings (Ireland) Ltd show that the business recorded the increase in operating profits after revenues went up by 13pc from €182.49m to €206.3m in the 12 months to the end of June last. Photo: Damien Eagers

Gordon Deegan

Double-digit growth across a number of sales categories contributed to operating profits at the Irish arm of Harvey Norman increasing by 9pc to €1m last year.

New accounts filed by Harvey Norman Holdings (Ireland) Ltd show that the business recorded the increase in operating profits after revenues went up by 13pc from €182.49m to €206.3m in the 12 months to the end of June last.

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According to the directors' report, the group recorded its seventh consecutive year of overall sales growth with double-digit growth in the areas of appliances, electrical and technology "where the business is increasingly dominant".

The group operates 15 stores across the Republic and two stores in Northern Ireland and the directors confirm that the business is to open new stores in Galway and Sligo later this year.

The business recorded a pre-tax loss of €426,060 after paying out €1.429m in interest payments.

The pre-tax loss takes account of non-cash depreciation costs of €3.15m.

Numbers employed by the group last year increased by 80 from 881 to 961 and staff costs increased by 9pc from €29.2m to €31.9m. Directors' pay totalled €332,774.

Irish Independent

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