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## Sales 

## Consolidated Entity 

Sales revenue for the consolidated entity, excluding sales revenue from Harvey Norman franchised stores, but including Harvey Norman stores in New Zealand and Slovenia, controlled entities such as Rebel in Australia, and Pertama Holdings Limited in Singapore, are up 26.9% to $1.0 billion (2002: $788.2 million) for the twelve months ending 30 June 2003. Main factors contributing to the increase were: 

 sales revenue from New Zealand company owned stores was up $95.6 million or 62.9%, including revenue from six new Harvey Norman stores opened during the year; 

 sales revenue from Rebel Limited increased by $48.2 million or 21.1%, including revenue from six new Rebel stores and one Glue store opened during the year; 

 the first European Harvey Norman store located in Ljubljana, Slovenia which commenced trading during September 2002 contributed $17.9 million to sales revenue; 

 sales revenue from Pertama Holdings Limited, Singapore, trading as “Harvey Norman” increased $19.4 million resulting from an increased acceptance of the Harvey Norman brand name, enhanced marketing initiatives, and varied product mix. 

## Sales from Harvey Norman Franchised Complexes 

The sales revenue generated by franchised “Harvey Norman” complexes do not form part of the financial results of the consolidated entity. Retail sales in these complexes are made by separate independent business entities that are not consolidated in the group results. 

The information below is not intended to be representative of the results of the consolidated entity and partly reflects the results of the franchisee businesses which are not included in the consolidated results. 

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