Harvey's Q3 Sales Increase By 11.4%

LYNDHURST, N.J.— Harvey Electronics, retailer and custom installer of high end home theater and audio products in the New York metropolitan area, reported net sales of $8.8 million for the fiscal third quarter, an increase of 11.4 percent over the $7.9 million recorded in the year-ago period.

Comp-store sales for the fiscal third quarter ended July 28 declined by 1.5 percent, compared with the same three months in 2000.

"This has been a difficult quarter," said Franklin Karp, president. "Our comp-store results were not surprising, given the difficult retail environment and the very high comp-store increases from the same quarter last year of 57.5 percent.

"New digital televisions as well as LCD and plasma flat-screen televisions continue to drive sales for Harvey," Karp said. "Sales of expensive flat-panel televisions, including LCD and plasma televisions have soared, and demand remains unabated.

"Our flat-panel unit sales for the nine months reached almost 600 units, an increase of about 126 percent from the same period last year. Unit sales of digital televisions, excluding flat panels, have also increased dramatically. For the nine months, unit sales of digital televisions have increased by about 69 percent from the same period last year."

Karp added, "Harvey's custom installation sales, including equipment and labor, continue to expand, and represent 39 percent of net sales for the nine months, compared with 32 percent for the same period last year."

For the nine months, net sales increased 12 percent to $29.5 million, compared with $26.4 million in the same nine months in 2000. Comp-store sales for the nine months were up 5.9 percent over the same period last year.