The Harvey Norman Holdings Ltd (ASX: HVN) share price is ticking higher on Wednesday after the company posted its trading update for the three months ended October 31.

Shares in the retailing giant are up 2% at the time of writing, swapping hands at $4.92 apiece as investors digest the numbers.

Despite some currency headwinds, Harvey Norman continued to grow compared to last year. Let's take a look.

Franchise strength powers Harvey Norman

Investors have bid up the Harvey Norman share price today after the company posted 1.7% year on year revenue growth for the three months ended October 31.

Sales were up 1.4% compared to last year on a same-store basis.

Growth was underscored by its Australian operations. But sales were down 9% and 5% in New Zealand and the UK, respectively.

Meanwhile, Australian franchise sales were up 3.2%, with comparable sales rising by 3.1%, underlined by the opening of two new franchise complexes in QLD and VIC.

But the company also expanded its footprint with new stores in Malaysia, New Zealand, and the UK.

These openings bring the number of international stores to 120 at the time of writing.

Citi positive on Harvey Norman share price

Citi analysts have chimed in after the result and are bullish on the Harvey Norman share price.

In a note to clients, the broker said Harvey Norman may have "underperformed The Good Guys", making the company's rival the 'bad guys' in the eyes of shareholders.

Despite this, Citi says there's more to come, according to The Australian:

However, we note November is not included in the update period and continue to expect that more consumers are holding out for the all-important Black Friday sales.

With November and December yet to trade, we leave our forecasts unchanged

Citi rates the Harvey Norman share price a buy with a target of $5.50.

Can Harvey Norman shares keep climbing?

The earnings results of the big retailers are always a good indicator of what's actually happening in the underlying economy.

These numbers show the 'strength of the consumer', allowing us to make thoughtful judgements.

Harvey Norman's Australian segment posted reasonable growth, pointing to the good shape Aussie savers are in despite the mixed economic data.

Results were also strong in Slovenia, Croatia, and Malaysia. Meanwhile, softer results in New Zealand and Singapore reflect economic challenges in those markets.

For investors, the upcoming Black Friday and holiday sales periods will be good indicators of consumer sentiment. What impact they have on the Harvey Norman share price remains to be seen.

Foolish takeout

Investors have bid up the Harvey Norman share price following its latest trading update. The business continues to grow internationally and here in Australia.

Looking ahead, Citi is bullish on the stock, but time will tell what happens from here. Especially given the time of year.

In the last 12 months, the stock is up 35%.