Harvey Norman (HVN) repays Jobkeeper
FY21 Results: A very strong FY21 for Harvey Norman once again showing that ‘old school’ retailing can print some impressive numbers with EBIT of $1.23bn up 71% on FY20 while NPAT was $841m up 75% and ahead of expectations. Re-stocking of inventory had a negative impact on cash flow while the FY21 dividend of $0.35 fully franked was a touch below expectations. The Markets however look forward and the first part of FY22 has been soft thanks to lockdowns, although in HVN’s case it’s seen a bigger impact than rival JB Hi-Fi (JBH).
MM is neutral retailers for FY22
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