Pre-tax profits at the Irish arm of consumer electronic and furniture retailer Harvey Norman last year increased by 28% to \u20ac12.95m as the retail trading environment here continued to improve.<\/p>\n
New accounts show that pre-tax profits increased at Harvey Norman Holdings (Ireland) Ltd as revenues rose by 4% from \u20ac425.06m to \u20ac444.05m for the 12 months to the end of June 2025.<\/p>\n
The directors state that the sales increase was across all categories with all stores performing strongly compared to the prior year.<\/p>\n
2025 was the eight year of profitability for the Irish business in a row and the group paid out dividends of \u20ac8.63m last year.<\/p>\n
The directors state that the retail trading environment here continued to improve, supported by elevated consumer confidence driven by easing inflationary pressures and a stable labour market.<\/p>\n
The directors state that investment in housing is a Government priority aimed at easing pressures in both the housing and rental markets “and this is expected to underpin growth in furniture, bedding and electrical retail sales”.<\/p>\n
New product launches across core categories, according to the directors, have proven highly effective in driving consumer engagement in an increasingly competitive retail environment.<\/p>\n
They state that the mobile phone and computer technology categories delivered strong results in FY25 with the launch of the Next Gen-AI technology boosting laptop sales.<\/p>\n
The directors state that gross margin was slightly down by 0.45% on 2024 and this was primarily due to inflated shipping costs in the first half of the financial year.<\/p>\n
Last year, operating expenses rose in line with sales growth with marketing, warehousing and distribution costs increasing year on year.<\/p>\n
The directors state that wage costs across the group increased following the increase in the minimum wage in January 2025.<\/p>\n
Last year, numbers employed by the business reduced from 1,433 to 1,386 as staff costs rose from \u20ac58.02m to \u20ac58.9m.<\/p>\n
Numbers employed reduced as Harvey Norman’s Irish operation – which operates 16 stores in the Republic – sold its Northern Ireland business to Harvey Norman Trading UK through a trade sale and it was completed in November 2024.<\/p>\n
The accounts show that the group booked a \u20ac1.22m gain from the sale of the Northern Ireland business while to the end of November 2024, the Northern Ireland business, comprising two stores, generated revenues of \u20ac5.72m.<\/p>\n
The discontinued Northern Ireland business sustained an operating loss of \u20ac962,724 for the period to the end of November 2024.<\/p>\n
The group recorded post tax profits of \u20ac10.65m last year after incurring a corporation tax charge of \u20ac2.13m.<\/p>\n
The profit last year takes account of non cash depreciation costs of \u20ac5.6m while lease costs increased from \u20ac16.05m to \u20ac17m.<\/p>\n
Directors’ pay including pension payments of \u20ac17,500 increased from \u20ac677,759 to \u20ac719,635.<\/p>\n
At the end of June 2025, the group had shareholder funds of \u20ac74.83m. Cash funds decreased from \u20ac13.05m to \u20ac3.3m.<\/p>\n
Reporting by Gordon Deegan<\/p>\n","protected":false},"excerpt":{"rendered":"Pre-tax profits at the Irish arm of consumer electronic and furniture retailer Harvey Norman last year increased by…\n","protected":false},"author":2,"featured_media":640558,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[220,218,219,61,60,80],"class_list":["post-640557","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-ie","tag-ireland","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/640557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=640557"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/640557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/640558"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=640557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=640557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=640557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}