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Harris Farm Markets is gearing up for its next phase of growth, with plans to open close to a dozen new stores across Australia after annual sales surpassed the $1 billion mark. The privately held, family-owned premium grocer is strengthening its board as it scales Down Under, appointing yet another independent director while still continuing the search for a third external board member.
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According to reports, Harris Farm has now exceeded $1 billion in sales and is targeting around 10 to 12 additional stores as it expands beyond its current network. The company remains privately owned after deciding against bringing in external equity in CY22, despite interest from investment firm Coogee Capital.
The expansion follows Harris Farm’s recently reported financial results, which showed revenue rising to $925.5M for the 12 months to June 29, up from $789.7M a year earlier. Losses also narrowed significantly, falling from $22M to $11.4M.
The retailer has been broadening its offering beyond fresh produce in recent years as it looks to differentiate itself from supermarket giants Woolworths and Coles, while the addition of independent directors is expected to strengthen governance as the business enters its next stage of expansion.
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