Retail giant Harvey Norman Holdings Limited has announced its sales from the franchised ‘Harvey Norman’ stores, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia, and Ireland increased by 11.6 per cent for the three months ended 30 September 2007, compared with the same period last year.

Sales totalled $1.39 billion for the period, while like for like sales for the three months increased by 5.7 per cent.

The company’s annual general meeting has been scheduled for 20 November 2007, shortly before the federal election.

“The directors of the company are aware of some commentary by analysts in relation to market expectations about the projected profit of the company for the year ending 30 June 2008,” the company’s CFO, Chris Mentis, said.

“The company understands that the published commentary by analysts who regularly publish commentary about the prospects of the company is that, in the respective opinions of those analysts, the net profit after tax (“NPAT”) of the company, excluding net property revaluation increment, for the twelve months ending 30 June 2008 will increase within a range of 12% to 28% over the NPAT, for the twelve months ended 30 June 2007. Directors of the company are not prepared to speculate on NPAT for the year ending 30 June 2008.”

The net profit from continuing operations attributable to members, after tax and minority interests, but excluding significant one off items and net property revaluation increment (“Net Profit from Continuing Operations”) for the six months ended 31 December 2006 was $132.87 million, said the financial report.

“The directors of the company expect the Net Profit from Continuing Operations for the six months ending 31 December 2007 will increase within a range of 25% to 35% over the Net Profit from Continuing Operations for the six months ended 31 December 2006,” said Mentis.