HVN -9%: Harvey Norman shares slide as much as 8.7%, the most since June 2024, after the Australian appliances retailer reported 1H revenue that fell below estimates.
1H26 Highlights
- Revenue $1.66bn, +12% YoY – Bloomberg Consensus Estimate $1.9bn.
- Net income $321.9mn, +15% YoY.
- Interim dividend 14.5c per share v 12c YoY.
- Ebit $527.5mn, +14% YoY.
- Franchisee sales revenue $3.5bn, +4.8% YoY.
Positive trading momentum continued into the second half of the financial year, following strong franchisee sales performance during the early and mid-stages of the first half. Operating cash flow and cash conversion were slightly lower in the first half, primarily reflecting increased inventory investment to support sales growth, particularly across premium technology categories.
MM remains neutral towards Harvey Norman (HVN) around $5.80
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