Harvey Norman Holdings Ltd, the electronics and home wares giant, posted a growth of around 60% in its net profit for the first half of the fiscal mainly attributable to the strong performance by the franchisee operations. The department store operator also released its full year guidance and said that the company is very optimistic for the rest of the year.

Harvey Norman posted a net profit of A$158.86 million for the first six months of the year ended December 31, increasing by 59.9% while comparing to the same period last year net profit of A$99.33 million. The net profit topped the market expectations as the analysts had estimated a net profit of A$158.6 million for the period.

The company posted net profit for its underlying business operations of A$171.00 million in the first half, increasing by 38% while in the same period last year it was posted A$123.52 million. Revenue and other income items for the first half were posted A$1.31 billion.

While releasing its full year guidance, the company also said that it expects that the will return within three years.

The company is also planning to restart its new store roll out as consumer sentiment improves.