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Re: Re: Re: [sharechat] Briscoes

From:	"Peter" <pmaiden@xtra.co.nz>
Date:	Sun, 16 Dec 2001 11:03:56 +1300

On reflection comparing Harvey Norman's NPAT to sales margin to NZ retailers is not entirley fair - because a lot of the Harvey Norman stores are franchised.

In the Harvey Normans accounts the franchise fees are counted as income (not the sales out of these stores)

It appears as if actual margins are around the 5% mark. More in line with the retailers in NZ

Sorry about the wrongful comparison

Cheers

Peter

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