Harvey Norman spruiks Malaysia opportunity

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Revenue from Harvey Norman’s Australian franchise outlets increased nearly 9% in the first quarter of FY2023.

But the retailer was more keen to highlight the strong performance of its Malaysian outlets, where sales rose 38.4% in the three months to October 31, compared to the same period a year ago.

The group opened its first store in Malaysia in 2003 and now has 28.

“The Harvey Norman brand continued to recognize the significant opportunity to grow from 28 stores to 80 stores by the end of 2028,” the company said Thursday.

Meanwhile, its independent Harvey Norman, Domayne and Joyce Mayne branded stores posted an 8.8% gain for the quarter.

The group also said total revenue from its wholly-owned stores in New Zealand, Slovenia, Croatia and Ireland, as well as Australian franchises, rose 6.3% in Australian dollars.

Harvey Norman is holding his annual general meeting of shareholders in Sydney on Thursday.

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