Sales spike for Harvey Norman

The company says in the year to the end of June total sales from its franchised stores, commercial divisions and other sales outlets in Australia, New Zealand and Dili stood at A$2.495 billion.

On a more comparable note, "like store" sales for the twelve months ended 30 June 2000 increased by 22.2% when compared to last year.

The final month of the year was a particular standout for HVN, with sales in June leaping 74.2%.

Finance Director John Skippen says both May and June were buoyed by computer sales as small businesses purchased computers to deal with the introduction of GST in Australia.

He says computer software - due to increase by around 10% after GST - was also in demand.

Other products which would rise with the new tax, such as home hardware, also helped to push up sales, but even some products due to come down in price, such as televisions, had a sales jump.

Mr Skippen says increasing interest rates, combined with fears that a falling Aussie dollar will mean more expensive imports, may have prompted consumers to buy without waiting for the post-GST savings.

Harvey Norman is due to announce its full year results on September 13.

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