The electronics and homewares retailer and property owner reported on Friday that thanks mostly to the impact of property revaluations, its full-year profit after tax rose 47 per cent to $518 million for the year to June 30.
Excluding the impact of those property revaluations, its profit after tax was up 8.2 per cent to $403.3 million.
Its operating cash flows rose slightly to $694.3 million, from $686.5 million the year before.
The largest owner of big-box retail real estate in Australia, Harvey Norman said the value of its freehold investment property portfolio grew 6.5 per cent to $3.81 billion as of June 30.
Harvey Norman ended the financial year with $8.37 billion in assets - mostly property - and $3.53 billion in liabilities, for equity of $4.8 billion, up 6.8 per cent from a year ago.
The company said it would pay a final dividend of 14.5 cents per share, taking its total dividends to the year to 26.5 cents, up from 22 cents in 2023/24.
"The FY25 result is a testament to the strength of our diversified business model and the disciplined execution of our long-term strategy," chairman Gerry Harvey said.
Same-store sales at Harvey Norman's Australian franchises rose 5.3 per cent, with momentum picking up since February as cost-of-living pressures eased thanks to interest rate cuts and diminishing inflation.
The categories of mobile and computer technology and electrical items were standout performers, as consumers spent more on renovations and refreshed their household goods.
Harvey Norman opened eight new overseas stores in 2024/25, including its first in England.
The West Midlands store has generated $14.1 million in sales since its launch in October, although the expansion resulted in a loss of $17.1 million, reflecting the substantial upfront investment needed to get started in a new country.
A second store in the area is scheduled to open in 2026.
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