The Harvey Norman Holdings Limited (ASX: HVN) share price is falling again today after falling around 7% yesterday to take its falls to around 10%, despite it revealing a near 29% increase in annual net profit to $449 million.
Over the year the furniture retailer and store franchisor will pay a total of 26 cents per share in dividends on earnings per share of 40.35 cents, although it is reportedly the 13% fall in dividend payments that has led investors to hit the sell button.
Over the year the group continued to expand in Australia and internationally with total sales of $1.83 billion, up 2.1% on the prior year with the group's operating cash flows coming in down 2.9% at $425 million.
Over the course of year ahead the company plans to open six new stores, with the group also noting the robust outlook for Australia's housing markets. This afternoon the stock changes hands for $3.88 on less than 10x earnings, with an attractive dividend yield of 6.70%. Harvey Norman shares could be an opportunity at today's valuation.
