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Harvey Norman sales and profit on the rise

AAP logoAAP 2/11/2016

Shares in Harvey Norman have slipped after the retailer's Australian sales growth slowed in the first quarter of the financial year, though its profit continues to rise.

Comparable sales for Harvey Norman's Australian franchisees rose 5.4 per cent in the three months to September 30, compared to 7.1 per cent growth in the same period a year ago.

Its quarterly Australian sales growth was also slower than the 8.4 per cent rise posted in the 2015/16 financial year.

Harvey Norman's first quarter preliminary profit before tax rose 26 per cent from a year ago to $115.6 million.

Its comparable sales in New Zealand, Northern Ireland, Singapore and Malaysia were stronger in the quarter, in local currency terms, but fell in Slovenia and Croatia and Ireland.

Harvey Norman shares dropped four cents to $4.93.

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