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Harvey ’03 Sales Up 3%

11/25/2003 10:05:00 AM Eastern

Lyndhurst, N.J. — Harvey Electronics, the New York metro area A/V specialty chain, reported annual net sales of $42.4 million for its 2003 fiscal year ended Nov. 1, a gain of 2.7 percent over the prior year. Comparable store sales edged up less than 1 percent for the period.

The results include the addition of an extra week in the first fiscal quarter, and a change in the way extended warranty sales are recorded that reduced sales and cost of sales by $571,000 in the fourth fiscal quarter. For that period, net and comp sales were $9.2 million, representing a gain of about 3 percent.

Harvey president Franklin Karp called the results “very gratifying,” compared to declines reported by other specialty CE chains. Key sales drivers included digital video products, home theater systems, and related custom installation and accessories, he said.

Separately, the nine-location chain has refinanced its five-year credit facility and increased it by $500,000, to $7.5 million. CFO Joseph Calabrese said it would be used for working capital purposes and “limited strategic retail store expansion.”

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