Harvey Norman FY profit falls

Retailer hopeful low interest rates will boost sale in lead up to Christmas.

Harvey Norman Holdings (HVN) says trading conditions in Australia improved in the second-half of fiscal 2012, and is hopeful historic low interest rates will drive sales in the lead-up to Christmas after posting a fall in full-year profit.

In the year to June 30, net profit was $142.2 million, a 17.5% decline on the $172.5 million recorded in the previous year.

Net profit excluding net property revaluation adjustments came in $183.4 million, slightly below analyst consensus estimates for around $189.5 million.

In the same period sales revenue was $1.32 billion, a slight decrease on $1.41 billion in 2012.

The group will pay a fully-franked final dividend of 4.5 cents on December 2, to shareholders on the register at November 1.

The retailer said its balance sheet remained strong through conservative fiscal management, and that its omni-channel approach continued to provide competitive advantages.

"The value of the Harvey Norman brand is underpinned by the integration of stores, online, mobile and local distribution centres," the group said.

"This strategy will continue to deliver improved results and a sustainable and growing future. 

"Supporting our omni channels is a consistent and relentless focus on the customer to deliver quality, value and service."

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