Harvey Norman posts bumper profit, repays more than $6m in JobKeeper payments
Retail giant Harvey Norman has repaid the Australian Government more than $6 million in JobKeeper payments following months of public commentary around the ethics of accepting business supports while profitable.
In its full-year results released today, Harvey Norman noted that in August 2021, $6.02 million of wages support and assistance received in Australia had been repaid via the Australian Taxation Office.
The payment comes after months of speculation and attention around the retailer's decision to receive COVID-19 support while performing well during the pandemic.
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In the full year to June 30, 2021, Harvey Norman reported a profit after tax of more than $840 million, up 75.1 per cent on the same period in the year prior. AAP
In the full year to June 30, 2021, Harvey Norman reported a profit after tax of more than $840 million, up 75.1 per cent on the same period in the year prior.
Profit before tax for the year was $1.18 billion, an increase of $521 million or 78.8 per cent.
Chairman Gerry Harvey said the record financial results prove that the retailer's COVID-19 shopping alternatives worked.
"The solid results delivered in the 2021 financial year is a testament to the strength and resilience of the integrated retail, franchise, property and digital strategy, and its ability to adapt and transition to the challenging retail landscape and continue to navigate the uncertainties presented by COVID-19," Mr Harvey said.
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Chairman Gerry Harvey said the record financial results prove that the retailer's COVID-19 shopping alternatives worked. AAP
"The results achieved this year demonstrates that customers continue to engage strongly with our brands and feel comfortable and safe shopping in our expansive, spacious overseas company-owned and Australian franchised complexes.
"We have continued to invest in technology, digital transformation and infrastructure to enable our overseas company-owned stores and Australian franchisees to enhance their 'Shop Safe' capabilities and bolster their customer-centric strategies."
The Harvey Norman board declared a fully franked final dividend of 15 cents per share.
At the time of publishing, Harvey Norman Holdings shares had dropped 3.24 per cent to $5.38.
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