Electronics and furniture retailer Harvey Norman released its FY24 results, showcasing a robust financial performance with total system sales revenue reaching $8.86 billion.
Despite an overall revenue decrease of $330.8 million from FY23, the company's net assets have increased by $70.4 million, bringing the total to $4.54 billion.
The company continues its commitment to Australian athletes, highlighting a diverse array of sponsor-supported sports figures.
Operating cash flows saw a positive uptick to $686.5 million, marking a marginal increase of $6.3 million from the previous fiscal year.
Significant revenue contributions come from both domestic and international operations, demonstrating the brand's strong market presence across multiple countries.
However, EBITDA and EBIT presented declines of 20.6% and 24.8%, respectively, largely influenced by international market dynamics and new store openings.
Reported profit before tax for the fiscal year stood at $541.7 million, a significant drop of 30.2% from FY23.
A particularly challenging first half showed a 45.7% decline in profit before tax, while a modest recovery in the second half offset some losses with a 1.9% increase.
Aggregate franchise sales revenues totalled $6.06 billion, down by 5.6% from the previous year.
CEO Katie Page commented, "We remain committed to nurturing Australian sporting talent. Supporting athletes like Madison de Rozario and Sally Fitzgibbons underscores our dedication to excellence both in retail and community service."
Looking ahead, Harvey Norman plans to expand its footprint with up to 10 new stores in Malaysia by the end of FY25, and strategic openings in the United Kingdom and New Zealand.
The company is optimistic about capitalising on emerging market opportunities, technological advancements, and sustaining support for Australian athletes globally.