ASX 200 reporting season: Harvey Norman
Reporting season reveals mixed fortunes for Australian retailers as Harvey Norman posts strong profits while Wesfarmers and Endeavour Group face headwinds amid cautious consumer spending.
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This video was created on 28 February for IG audiences by ausbiz.
Key financial results
Harvey Norman
Harvey Norman has lifted its half-year profit by almost 40% to just under $280 million on the back of higher revenue from its franchises. The retailer says franchising sales are up 7.2% in the first 21 days of February, but added its overseas retail results were adversely impacted in the half by a weak economy in New Zealand.
Pexa Group
Pexa Group has reported a loss of $32.7 million in the first half. But with underlying cash generation growing, the group will distribute $50 million to shareholders via a share buyback. Pexa has also flagged it expects the macro environment and property market to remain uncertain in its Australian and UK markets.
However, the group has reaffirmed its full year 2025 guidance and will manage a Chief Executive Officer (CEO) transition in the second half with Russell Cohen to step into the role at the end of March.
Endeavour Group
Endeavour Group is still looking for a new CEO following Steve Donoghue's planned resignation on March 17th. Larry Mervis will be appointed temporary executive chairman from that date. Endeavour is expecting conditions to improve in its retail market if inflation moderates.
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