Retail giant Harvey Norman reported a 3.6% drop in net profit after tax for 2022, hitting $811.5 million.
The homewares seller said its Australian franchisees were significantly impacted by COVID-19 lockdowns throughout the year, however they also embraced pandemic-inspired construction and renovation activity, aided by record-high household savings.
?Franchisees are well-placed to benefit from any unwind in the built-up household savings as they predominantly service the middle-to-upper product markets, and are expected to benefit from the sustained investment in the home as devices and appliances require replacement and upgrade?, said Chairman Gerry Harvey.
The board declared a fully franked final dividend of 17.5? per share.
Shares in Harvey Norman fell half a per cent in early trade.