Retailer Harvey Norman has seen its profits shoot up to $141.98m, a 27.4 percent increase, in the first half of the financial year. Global sales have risen by 3.2 percent to $3.09bn.

Franchisee sales had a 1.8 percent boost in the September quarter; by the end of the December quarter there had been a 2.1 percent increase to $1.36bn.

Chairman Gerry Harvey said “The franchising operations segment turned in a particularly strong performance during the period, delivering improved profitability and an eighth consecutive quarter of like-for-like sales growth.”

Harvey said New South Wales was proving consistently strong, thanks to a buoyant property market which was driving the homemaker category.

“In Australia, our stores are benefitting from improved consumer confidence on the back of strong equity markets and strong growth in the housing market.”

“The strength of our omni channel strategy and the benefits of the integrated Harvey Norman system continue to shine through with this result. Our business has shown positive momentum for some time now, and it’s great to see improved segment performances in the half year,” said Harvey.

The company’s property assets have boosted the results, he added.

“Our vast portfolio of real property fortifies our balance sheet and provides a clear advantage over competitors. We have reduced gearing significantly over the last three years and more than doubled our net assets over the past decade. A balance sheet rich with tangible assets provides a solid platform for growth.”