Harvey Norman’s Franchisees Lose Market Share as Overseas Operations Benefit From Flagship Stores
No-moat rated Harvey Norman’s first-half sales and profit growth tracked below our prior full-year expectations, and we’ve slightly downgraded our near-term outlook. After a slow first half in the core Australian franchising operation, we expect the remainder of fiscal 2019 to be challenging as consumers grapple with relatively sluggish wage growth, a weakening housing market, and associated negative wealth effect as well as uncertainty around the upcoming Australian federal elections in May 201...Harvey Norman Holdings is engaged in integrated retail, franchise, property and digital system. Co.'s business activities include: franchisor; sale of furniture, bedding, computers, communications and consumer electrical products in New Zealand, Singapore, Malaysia, Slovenia, Ireland, Northern Ireland and Croatia; property investment; lessor of premises to Harvey Norman®, Domayne® and Joyce Mayne® franchisees and other third parties; media placement; and provision of consumer finance and other commercial advances.
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