Harvey Norman sells furniture, electronics and appliances across Australia, but the company itself doesn’t run its Australian stores. Here’s how it really makes its money.
Harvey Norman Holdings is one of Australia’s best-known retailers, and one of the biggest on the ASX.
It was founded in 1982 by Gerry Harvey and Ian Norman, after they were sacked from Norman Ross, the retail chain they had built. It is based in Sydney, reports in Australian dollars, and its financial year ends on 30 June. Gerry Harvey is chairman and his wife, Katie Page, is chief executive.
Franchising
In Australia, Harvey Norman stores, along with its Domayne and Joyce Mayne stores, are run by franchisees, which own the business in each department of each store, such as computers, furniture or electrical.
Franchisees pay Harvey Norman Holdings fees based on their sales. The company provides the brand, advertising, buying power and systems, and can lend money to franchisees.
That means the company’s Australian profit depends on franchisees’ sales, but also on how much support it gives them in tough times.
Property
Harvey Norman owns many of the buildings its stores are in, including large retail centres, worth billions of dollars. It earns rent from franchisees and other tenants, and its profits can rise and fall with the value of that property.
Overseas
Outside Australia, Harvey Norman runs its own stores directly in New Zealand, Ireland, Northern Ireland, Singapore, Malaysia, Slovenia and Croatia. It has recently opened stores in the U.K., and its overseas stores are a growing share of its profit.
The risks
The risks include weaker consumer spending, especially on big items like furniture and appliances, a slowdown in housing, competition from online retailers, falling property values, and the costs of expanding overseas.
Latest results, as at 9 November 2026
Full year to June 2026, reported 28 August 2026: total sales across its network rose 3.1 per cent to $9.64 billion, and profit before tax rose 4.9 per cent to $790 million. Underlying profit before tax, excluding property revaluations and some one-off items, rose 10.9 per cent to $655 million. Profit from its overseas stores rose 23 per cent. Harvey Norman paid total dividends of 27.5 cents a share, fully franked.
Next update: Harvey Norman reports its half-year results, to December 2026, in February 2027.
