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    HVN   AU000000HVN7

HARVEY NORMAN HOLDINGS LIMITED

(HVN)
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Harvey Norman : HVN Aggregated Sales for FY21

08/30/2021 | 08:02pm EDT

Harvey Norman

A1 RICHMOND ROAD

HOMEBUSH WEST N.S.W. 2140

Holdings Limited

LOCKED BAG 2

SILVERWATER DC, N.S.W 1811

A.C.N. 003 237 545

Telephone: (02)

9201 6111

Facsimile: (02)

9201 6250

31 August 2021

Australian Securities Exchange Limited

Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

AGGREGATED SALES REVENUE

FOR THE TWELVE (12) MONTHS ENDED 30 JUNE 2021

UP 15.3%

The Directors of Harvey Norman Holdings Limited announce that the aggregated sales revenue from Harvey Norman® wholly-ownedcompany-operated stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland, majority-owned controlled company-operated stores in Singapore and Malaysia, and from independent Harvey Norman®, Domayne® and Joyce Mayne® branded franchised complexes in Australia (Aggregated Sales) totalled $9.49 billion for the twelve (12) months ended 30 June 2021. When compared to Aggregated Sales for the twelve (12) months ended 30 June 2020, the increase was 15.3%. Comparable Aggregated Sales for the twelve (12) months ended 30 June 2021 when compared to the twelve (12) months ended 30 June 2020, increased by 13.9%. Sales made by franchisees in Australia are not made by Harvey Norman Holdings Limited or its controlled entities.

Aggregated Sales have been negatively affected by a 3.1% depreciation in the Euro (€), a 3.9% depreciation in the UK Pound (£GBP), a 7.6% depreciation in the Singaporean dollar ($SGD), a 8.4% depreciation in the Malaysian Ringgit (MYR) and a 1.8% depreciation the New Zealand dollar ($NZD) for the financial year ended 30 June 2021 compared to the financial year ended 30 June 2020.

During the twelve (12) months ended 30 June 2021, twelve (12) company-operated stores were opened as follows:

  • two (2) new stores were opened in Ireland: Galway City on 22 July and Sligo on 5 November 2020;
  • one (1) new store at Pula, Croatia was opened on 26 November 2020;
  • three (3) new stores were opened in Malaysia: KL East Mall on 25 November, Menara on 5 December and Quayside Mall on 19 December 2020:
  • three (3) new stores were opened in Singapore: Seletar Mall on 15 September, The Centrepoint on 22 September and Westgate on 25 November 2020.
  • two (2) Harvey Norman® outlets in New Zealand were opened at Dunedin on 8 August and Glen Innes on 26 October 2020, and one (1) commercial showroom at Grey Lynn was opened on 15 October 2020.

The above company-operated store openings overseas were offset by one (1) store closure during the financial year ended 30 June 2021, with the closure of the store at Kinex Mall in Singapore on 27 September 2020.

In Australia, the new premium-format Harvey Norman® franchised complex was opened at Hornsby, NSW on 2 October 2020 and three small-format Harvey Norman® franchised complexes were closed during the financial year ended 30 June 2021.

1

Aggregated Sales increase / (decrease) in Australian Dollars $A - TOTAL SALES

(% increases have been calculated in Australian Dollars $A)

COUNTRY

1Q21 vs.

2Q21 vs.

3Q21 vs.

4Q21 vs.

FY21 vs. FY20

1Q20

2Q20

3Q20

4Q20

%

%

%

%

%

Australian Franchisees

31.4

23.8

11.4

(-9.7)

12.8

New Zealand

18.6

17.4

13.8

29.4

19.6

Slovenia & Croatia

26.8

3.4

18.6

19.4

16.1

Ireland

65.5

48.6

40.1

39.7

48.0

Northern Ireland

18.1

22.7

(-33.3)

195.9

25.4

Singapore

(-3.3)

6.5

(-6.5)

87.5

12.1

Malaysia

4.9

9.6

23.2

(-8.2)

7.8

Total Increase / (Decrease) % in $AUD

28.9

23.2

12.7

(-1.3)

15.3

Aggregated Sales increase / (decrease) in Australian Dollars $A - COMPARABLE SALES1

(% increases have been calculated in Australian Dollars $A)

  • comparable sales growth has not been adjusted for the temporary closures mandated by each local government as a result of their COVID-19 Response

COUNTRY

1Q21 vs.

2Q21 vs.

3Q21 vs.

4Q21 vs.

FY21 vs. FY20

1Q20

2Q20

3Q20

4Q20

%

%

%

%

%

Australian Franchisees

32.3

23.5

11.3

(-9.8)

12.9

New Zealand

17.8

16.4

12.6

28.3

18.5

Slovenia & Croatia

26.8

0.3

9.8

10.1

11.0

Ireland

58.4

36.4

27.0

26.5

36.3

Northern Ireland

18.1

22.7

(-33.3)

195.9

25.4

Singapore

(-4.3)

(-5.9)

(-16.5)

67.7

2.3

Malaysia

(-7.3)

0.3

10.7

(-21.1)

(-3.8)

Total Increase / (Decrease) % in $AUD

28.7

21.2

10.9

(-2.8)

13.9

Aggregated Sales increase / (decrease) in Constant Local Currencies - TOTAL SALES

(% increases have been calculated in local currencies)

COUNTRY

1Q21 vs.

2Q21 vs.

3Q21 vs.

4Q21 vs.

FY21 vs. FY20

1Q20

2Q20

3Q20

4Q20

%

%

%

%

%

Australian Franchisees

$A

31.4

23.8

11.4

(-9.7)

12.8

New Zealand

$NZD

21.2

18.0

18.0

31.0

21.8

Slovenia & Croatia

€Euro

25.8

2.7

26.3

29.9

19.8

Ireland

€Euro

64.4

47.5

50.8

52.5

52.6

Northern Ireland

£GBP

17.6

26.9

(-27.4)

223.1

30.5

Singapore

$SGD

0.8

12.3

5.8

107.4

21.3

Malaysia

MYR

10.4

15.4

40.0

4.5

17.6

Aggregated Sales increase/(decrease) in Constant Local Currencies - COMPARABLE SALES1

(% increases have been calculated in local currencies)

  • comparable sales growth has not been adjusted for the temporary closures mandated by each local government as a result of their COVID-19 Response

COUNTRY

1Q21 vs.

2Q21 vs.

3Q21 vs.

4Q21 vs.

FY21 vs. FY20

1Q20

2Q20

3Q20

4Q20

%

%

%

%

%

Australian Franchisees

$A

32.3

23.5

11.3

(-9.8)

12.9

New Zealand

$NZD

20.4

16.9

16.7

29.9

20.7

Slovenia & Croatia

€Euro

25.8

(-0.4)

17.0

20.2

14.5

Ireland

€Euro

57.3

35.4

36.7

38.3

40.6

Northern Ireland

£GBP

17.6

26.9

(-27.4)

223.1

30.5

Singapore

$SGD

(-0.2)

(-0.8)

(-5.6)

86.0

10.8

Malaysia

MYR

(-2.4)

5.6

25.7

(-9.3)

5.1

2

Mandatory temporary COVID-19 closures imposed by each local government for the year ended 30 June 2021 are outlined in Table 1 below. Comparable sales in the previous corresponding period were not adjusted for the effect of these mandated temporary closures.

TABLE 1: Government Mandated Temporary Closure Dates

1 July 2020 to 30 June 2021

Affected Product Category

Date

Date Re-opened

Closed

Australian Franchised Complexes:

18 Franchised

All product categories in the 18 Harvey

Norman® and Domayne® franchised complexes

06/08/20

28/10/20

Complexes

Franchised

in greater Melbourne, VIC

13/02/21

18/02/21

Complexes in

39 Franchised

All product categories in the 39 Harvey

Regional 04/06/21;

Victoria (VIC)

Norman® and Domayne® franchised complexes

Complexes

28/05/21

greater Melb.

across VIC

10/06/21

Online Trade

Online permitted - all product categories

open

Franchised

10 Franchised

All product categories in the 10 Harvey

19/11/20

22/11/20

Complexes

Norman® franchised complexes in SA

Complexes in

South Australia

Online Trade

Online permitted - all product categories

open

Franchised

12 Franchised

All product categories in the 12 Harvey

06/02/21

01/02/21

Norman® and Domayne® franchised complexes

Complexes in

Complexes

across Perth & Peel regions of WA

29/06/21

03/07/21

Western

Australia (WA)

Online Trade

Online permitted - all product categories

open

Northern

2 Franchised

All product categories at the Harvey Norman®

28/06/21

02/07/21

Complexes

and Joyce Mayne® Darwin complexes

Territory

1 Franchised Complex

Harvey Norman® Alice Springs - all categories

30/06/21

02/07/21

Overseas Company-Operated Stores:

12/08/20

31/08/20

11 Retail Stores and 2

All product categories in the 11 retail stores

15/02/21

18/02/21

New Zealand

Outlets

and 2 outlets in Auckland.

28/02/21

07/03/21

Online Trade

Online permitted - all product categories

open

12 Retail Stores

All product categories in the 12 retail stores in

09/05/21

12/05/21

Kuala Lumpur & Penang

Malaysia

Commenced

26 Retail Stores

All product categories in the 26 retail stores in

01/06/21

limited opening

Malaysia

to customers

from 21/08/21

Online Trade

Online permitted - all product categories

open

1 Retail Store

All product categories at the Westgate Store in

23/05/21

05/06/21

Singapore

Singapore

Online Trade

Online permitted - all product categories

open

15 Retail Stores

Furniture & bedding product categories

22/10/20

30/11/20

Republic of

Furniture & bedding product categories

31/12/20

17/05/21

Ireland

Online Trade

Online permitted - all product categories

open

Northern

2 Retail Stores

Furniture & bedding product categories

26/12/20

30/04/21

Ireland

Online Trade

Online permitted - all product categories

open

All product categories in the 5 retail stores in

24/10/20

06/11/20

5 Retail Stores

16/11/20

19/12/20

Slovenia

Slovenia

24/12/20

15/02/21

Online Trade

Online permitted - all product categories

open

Croatia

2 Retail Stores

Retail trade permitted - all product categories

open

Online Trade

Online permitted - all product categories

open

3

RETAIL TRADING UPDATE:

1 July 2021 to 26 August 2021 vs 1 July 2020 to 26 August 2020 and 1 July 2021 to 26 August 2021 vs 1 July 2019 to 26 August 2019

Aggregated Sales increase / (decrease) from 1 July 2021 to 26 August 2021 vs 1 July 2020 to 26 August 20201 and 1 July 2021 to 26 August 2021 vs 1 July 2019 to 26 August 2019

(% increases have been calculated in Australian Dollars $A)

  • comparable sales growth has not been adjusted for the temporary closures mandated by each local government as a result of their COVID-19 Response

COUNTRY

1 July 2021 to 26 August 2021 vs

1 July 2021 to 26 August 2021 vs

1 July 2020 to 26 August 2020

1 July 2019 to 26 August 2019

Total

Comparable

Total

Comparable

%

%

%

%

Australian Franchisees

(-19.2)

(-19.1)

11.1

11.9

New Zealand

(-12.3)

(-13.0)

4.6

3.1

Slovenia & Croatia

1.4

(-5.9)

30.8

21.4

Ireland

11.1

4.7

78.8

62.0

Northern Ireland

2.3

2.3

31.9

31.9

Singapore

0.4

(-9.8)

3.1

(-7.0)

Malaysia

(-49.2)

(-52.4)

(-43.9)

(-60.3)

Aggregated Sales increase / (decrease) from 1 July 2021 to 26 August 2021 vs 1 July 2020 to 26 August 20201 and 1 July 2021 to 26 August 2021 vs 1 July 2019 to 26 August 2019

(% increases have been calculated in local currencies)

  • comparable sales growth has not been adjusted for the temporary closures mandated by each local government as a result of their COVID-19 Response

COUNTRY

1 July 2021 to 26 August 2021 vs

1 July 2021 to 26 August 2021 vs

(% increase calculated

1 July 2020 to 26 August 2020

1 July 2019 to 26 August 2019

in local currencies)

Total

Comparable

Total

Comparable

%

%

%

%

Australian Franchisees

$A

(-19.2)

(-19.1)

11.1

11.9

New Zealand

$NZD

(-13.9)

(-14.6)

5.6

4.1

Slovenia & Croatia

€Euro

3.8

(-3.7)

32.5

23.1

Ireland

€Euro

13.7

7.1

81.4

64.3

Northern Ireland

£GBP

(-1.1)

(-1.1)

25.9

25.9

Singapore

$SGD

2.4

(-7.9)

9.0

(-1.8)

Malaysia

MYR

(-47.5)

(-55.0)

(-39.1)

(-57.0)

Rolling lockdowns in most States and Territories of Australia have affected sales in July and August 2021, even though Contactless Click & Collect and home delivery are operating for customers from 192 Australian franchised complexes. Over 15 million people, or approximately 58% of the Australian population, are currently in lockdown. However, we expect spending to recover quickly as we saw when lockdown restrictions were eased in our overseas markets due to pent-up demand.

Malaysia closed from 1 June 2021 due to large outbreaks of COVID-19 in the country. Malaysian stores commenced limited opening to customers from 21 August 2021. On 18 August 2021, New Zealand went into Level 4 lockdown with no store click and collect permitted, but contactless home delivery allowed. Our other 5 countries have been open in July and August 2021.

With the exception of Malaysia which was significantly affected by the lockdowns during this period, the above post year-end trading update reflects a continued elevated customer demand with solid headline sales growth rates ahead of the comparable period in July and August 2019.

4

The mandatory temporary COVID-19 closures imposed by each local government in Australia from 1 July 2021 are outlined in Table 2 below. Comparable sales in the previous corresponding period were not adjusted for the effect of these mandated temporary closures.

TABLE 2: Government Mandated Temporary Closure Dates

Post Year-End from 1 July 2021

Date Re-

Affected Product Category

Date

opened /

Closed

Forecast Re-

opening Date

Australian Franchised Complexes:

39 Franchised Complexes

All product categories in the 39 Harvey Norman®

16/07/21

28/07/21

and Domayne® franchised complexes across VIC

Franchised

All product categories in the 17 Harvey Norman®

17 Franchised Complexes

and Domayne® franchised complexes in greater

06/08/21

TBA

Complexes in

Melbourne, VIC

Victoria (VIC)

22 Franchised Complexes

All product categories in the 22 Harvey Norman®

06/08/21

10/08/21

franchised complexes across regional VIC

21/08/21

TBA

Online Trade

Online permitted - all product categories

open

Furniture & bedding categories in the 10 Harvey

20/07/21

28/07/21

Franchised

10 Franchised Complexes

Norman® franchised complexes in SA

Complexes in

Computer & electrical categories in the 10 Harvey

South

21/07/21

23/07/21

Norman® franchised complexes in SA

Australia (SA)

Online Trade

Online permitted - all product categories

open

Furniture & bedding categories in the 29 Harvey

Norman®, Domayne® and Joyce Mayne®

franchised complexes across Sydney, Blue

18/07/21

TBA

Mountains, Central Coast, Wollongong &

29 Franchised Complexes

Shellharbour LGAs of NSW

Computer & electrical categories in the 29 Harvey

Norman®, Domayne® and Joyce Mayne®

Franchised

franchised complexes across Sydney, Blue

24/07/21

TBA

Mountains, Central Coast, Wollongong &

Complexes in

Shellharbour LGAs of NSW

New South

All product categories in the 12 Harvey Norman®

Wales (NSW)

From

12 Franchised Complexes

and Domayne® franchised complexes within

TBA

05/08/21

specific regional NSW LGAs

All product categories in the 30 Harvey Norman®,

30 Franchised Complexes

Domayne® and Joyce Mayne® franchised

15/08/21

TBA

complexes within the remaining regional NSW

LGAs

Online Trade

Online permitted - all product categories

open

Australian

All categories at the Harvey Norman® Fyshwick

2 Franchised Complexes

complex and the furniture & bedding categories

13/08/21

TBA

Capital

at the Domayne ® Fyshwick complex

Territory

Online Trade

Online permitted - all product categories

open

Northern

2 Franchised Complexes

All product categories at the Harvey Norman®

16/08/21

19/08/21

and Joyce Mayne® Darwin complexes

Territory

Online Trade

Online permitted - all product categories

open

This document was authorised to be provided to the ASX by the Board of Directors of Harvey Norman Holdings Limited.

Yours faithfully

Chris Mentis

Company Secretary / CFO

5

Disclaimer

Harvey Norman Holdings Ltd. published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 00:01:03 UTC.


© Publicnow 2021
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Number of Analysts 12
Last Close Price 4,95 AUD
Average target price 5,89 AUD
Spread / Average Target 19,1%
EPS Revisions
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Kay Lesley Page Chief Executive Officer & Executive Director
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Gerald Harvey Executive Chairman
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