Harvey Norman Holdings' (ASX:HVN) fiscal 2026 result was broadly consistent with Jefferies' estimates but around 3% below consensus estimates, the brokerage said in a note on Friday.

The results miss was driven by around 2.6% group earnings before interest, taxes, depreciation, and amortization miss, slightly higher than expected tax and net interest expense, partly offset by lower D&A expense.

The consumer electronics retailer's Australian sales are declining and are well below the consensus fiscal 2027 first half run rate, Jefferies noted. However, Harvey Norman called out product launch timing impact and pointed to a rebound in August written orders. August written sales orders grew 3.8% year over year.

The investment firm reaffirmed Harvey Norman with a hold rating with a price target of AU$4.40.

Harvey Norman Holdings' shares shed about 2% in recent Friday trade.