2 Sep 2013

Harvey Norman reports lower sales

12:33 pm on 2 September 2013

Falling sales in Australia and Europe contributed to a slide of 17.5% in annual profit for Harvey Norman.

The ABC reports the furniture and electrical retailer made $A142.2 million in the last financial year.

Earnings were also affected by a property writedown worth $A41 million. Globally, sales were down 3%.

Chairman Gerry Harvey said the company remains in a strong financial position, with sales in July 5.3% higher than during the same month last year.

Harvey Norman's share price surged after the announcement. By 2:35pm (AEST) on Friday, it was trading 1.3% higher at $A2.95.