Harvey Norman $81.9m Profit Down 36.5% 1H2013

Electronics and furniture retail company Harvey Norman (ASX:HVN) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• Harvey Norman have announced a half year profit of $81.9 million, down 36.5 percent from the prior corresponding half year period.
• HVN revenue down $548.819 million, from $584.110 million.
• Harvey Norman Chairman Gerry Harvey said, "The aggressive discounting experienced in the second half of 2012 has stabilised and pleasingly we are seeing an uptick in sales. Interest rates are at historical lows which should start moving the consumer back into the buying cycle from the savings cycle."
• The company had closed 9 stores in the 6 month period, while opening 6 stores.
• Like-for-like sales in Australia down 6.3 percent, but up 3 percent in New Zealand.
• Revenue earned from franchisees down 4 percent to $489.6 million. Tactical financial support provided to struggling franchisees jumped to $66.8m, up 40 percent.
• Havey Norman owns Harvey Norman, Domayne and Space Furniture.
• Harvey Norman have announced a fully-franked interim dividend of 4.6 cents per share, down from 5 cents per share.