Harvey Q3 Sales, Earnings Rise
Staff -- TWICE, 9/20/2004
Lyndhurst, N.J. — Sales of advanced technology TVs and custom installation services helped grow earnings and revenue for Harvey Electronics during its fiscal third quarter.
Pretax income for the New York metro area A/V specialty chain soared 157 percent to $60,280 for the three month period, ended July 31, while net sales edged up 1.4 percent to $10 million. Same-store sales rose 2 percent.
“Plasma, LCD and micro-display flat-panel televisions, as well as the company's professional custom installation services, continued to drive our business in the third quarter,” said Harvey's president Franklin Karp. “We are also pleased to see increases in our higher margin audio business for the second quarter in a row, as we believe we have better demonstrated and bundled the sale of these products with the video products driving the industry.”
Karp added that the chain's 41-percent gross profit margin for the quarter was attributable to increased sales of high-margin accessories and extended warranties, labor, and an 8-percent hike in its custom installation business. “The planned continued improvement of these sales categories continues to be a major focus for Harvey,” he said.
Going forward, the company is set to open its eighth Harvey location early next year in Bridgewater, N.J., and will hire additional personnel to support a planned expansion of its custom installation initiatives.
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