Harvey Norman’s Strong Sales Prompt Upgrades to Earnings and Fair Value Estimates
No-moat Harvey Norman reported total global sales of AUD 1.69 billion for the quarter ended September, up 6.6% on the previous corresponding period. Total sales were boosted by continued strong sales growth of the Australian franchisees and company-operated stores in New Zealand, with growth rates of 5.4% and 18.4%, respectively. For July and August, headline franchisee sales increased 6.4%, suggesting total sales growth slowed to around 3.7% during September. The New Zealand result was positive...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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