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Gerry Harvey's Million-Dollar Payday

By Oonagh Reidy | Sunday | 29/09/2013

Profits may be down, but Gerry Harvey's salary isn't.

Harvey Norman Chairman Gerry Harvey was paid over $1.02m for FY 13 - down just $5,000 compared to 12 months prior. 

This million dollar paycheck included a salary of $723,130 and "performance related cash incentive" of $279,300, according to Harvey Norman's annual report, released Friday. 

However, wife and Harvey Norman CEO Katie Page, did better. Page was paid $1,793,800 including an annual salary $1,5 million per annum, and is employed on a rolling contract. 

Executive Director and COO, John Evyn Slack-Smith, and Director David .M. Ackery, both received remuneration of over $1.76m each, while CFO Chris Mentis was the only other employee to get a plus- million dollar pay check of just over $1.3 m. 

The end of year financial report also showed number of franchise stores has risen by 11 since 2011. Despite this, Harvey's company operated revenues was down over $220,000 to $1,323.48m, since two years prior.  

Franchisee operating margins have halved in the past two years to 2.4% - from 5.1% in FY11. 

In August, Harvey Norman reported a 17.5% profit dip for FY13 to $142.2m compared to $172.47 million for the preceding year, blamed on a hefty property revaluation decrement of $59.1 million. 

This was almost treble the revaluation decrement of $24.99 million (before tax) recorded in the previous year. 

Harvey's stores in Maroochydore, Emerald and Devonport generated the majority of FY13 property decrement, the report shows. 

Omni Channel

 Harvey Norman Chairman Gerry Harvey told investors its digital, store and distribution channels are fully integrated and "the value of the brand is underpinned by the integration of stores, online, mobile and local distribution centres". 

The integration of digital with physical stores is "a significant competitive advantage" for franchisees, he added. 

The end of year report reiterated what Harvey's said in its profit announcement last month - that deflationary pressures affecting AV/IT categories have stabilised, while home appliances, furniture and bedding categories remain stable. 

The devaluation of the Australian dollar and the launch of many new big screen TV's will be benefit to AV /IT categories going forward, Harvey noted. 

Trading conditions locally remained competitive, however, the second half of the the year displayed early signs of modest growth, with an increase in sales.  

"We remain cautiously optimistic about an improvement in domestic retail confidence and look forward to capitalising on any uptick in consumer sentiment by strengthening our retail offering through sustained investment in service, commitment to our omni channel strategy, and the enhancement of our robust integrated retail, franchise, property and digital platforms."

However, the reports indicates "operations in Australia and New Zealand have grown substantially and are well positioned to again strengthen in the year ahead".

The retail giant says it has "has no new developments in the short term but is well positioned to acquire quality investment grade properties to complement its existing portfolio. "

The retail giant says it will continue to focus on opportunities to upgrade existing properties within the portfolio to improve income.

Shares fell 0.93% to $3.2 on the ASX today. 

At the end of the financial year, Gerry Harvey held 313, 484 571, ordinary shares - the top shareholder in the company. 

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