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HVN $3.43

downgraded

  1. infonet

    465 Posts.

    To be expected with the price runup.

    Shares in Harvey Norman dipped 6¢, or more than 2 per cent, to $2.85 on Friday after the company delivered an 18 per cent increase in profit - a result in line with analyst forecasts. Net profit for the year ended June 30 was $151.1 million, buoyed by strong sales in home entertainment goods. The electronics and furniture retailer also indicated that the 2004 financial year has begun well, reporting a 21 per cent increase in sales for July and August 2003 compared to a year earlier. "New franchised store openings, including Domayne, will positively impact future sales growth," Harvey Norman said. CSFB said the recent rally in Harvey Norman shares prompted it to move its investment recommendation from neutral to underperform.

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