Why Harvey Norman (HVN) shares rallied
HVN +4.92%: the retailer was strong today after it provided guidance for the first time in FY23, just days out from the end of the year. The company expects profit within 5% on either side of $670m based on the first 11 months of the year through May. This number, however, excludes property revaluations expected in the range of $119m, taking the total profit to a strong ~$800m, well ahead of the market. The figures suggest a far better-than-expected 2H with the much-touted roll-off in demand not coming through as expected, or at least not as harshly. Harvey Norman shares were trading near 3-year lows ahead of the announcement on the downbeat attitude to retail.
MM still has no interest in HVN
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