Why it matters: Harvey Norman is one of the country’s largest retailers.
The board declared a final dividend of 12¢ per share, payable on November 13.
Cooler than usual temperatures on the East Coast led to a substantial decrease in sales of air conditioning units, fans, air treatment units, outdoor furniture and barbeques.
Gerry Harvey, executive chairman of Australia’s largest white goods and home retailer Harvey Norman, said his biggest franchisee and long-time friend “lost control of the business”, calling the axing of Alan Stephenson “one of those tragedies” in life.
Mr Harvey spoke for the first time about the exit of Mr Stephenson, who was running the commercial franchise worth more than $400 million a year in Sydney’s Sutherland Shire, but was dismissed after two staff members were caught allegedly stealing funds.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
