18 March 2002
Harvey Norman Holdings Ltd increased net profit after tax by 18.8% to $A67.9 million in the 31 December half. Sales from the franchised Harvey Norman stores in Australia & the company’s New Zealand chain (excluding the Pertama stores in Singapore & the Australian Rebel chain which Harvey Norman too control of last July) rose 9.5% to $A1.4 billion. Same-store sales rose 6%. Sales for the 8 nmonths to February rose 9.7% to $A1.83 billion, with same-store sales up 5.9%. Pertama sales doubled to $A162.4 million in the half-year.
Foodland Associated Ltd (FAL) increased aftertax profit for the 26 weeks to 27 January by 119% to $A47.3 million on record sales from continuing operations of $A2.14 billion, up 25.8%. FAL’s benchmark for determining dividend — earnings/share from continuing operations before unusuals & goodwill amortisation — rose 29.6% to A60.9c. Earnings/share from all sources rose 117.7% to A49.2c. In the previous period FAL reported $A15.1 million of losses from tax from discontinued operations, arising mostly from closing the Deka chain in New Zealand. The company has increased its fully franked dividend by 28.8% to A33.5c, representing a 55% payout before goodwill amortisation, discontinued operations & unusuals, all after tax.