First Impression: Harvey Norman (HVN) FY16 result

Bell Potter

Stockbroker

Comparable aggregated sales up 8.7% in AUD terms | Reported net profit up 30.6% to $348.6m as compared to our estimate of $358m ( including net property revaluations $48.48m) | Segment PBT: Franchise operations up 33.84% to $268.2 m and franchising operations margin increased to 5.03% from 4.05% in pcp. (sustained growth in retail spending, particularly for household goods, fostered by continuing housing market growth; positive consumer sentiment;); Property up 25% to $169.3m underpinned by net property revaluation increment of $48.36m; Company operated retail up 78% to $73.1m (robust operational performance and profitability in New Zealand, Singapore, Malaysia and the Ireland.) | Net operating cash flow up 28.6% to $437.7m.


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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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