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Harvey Fiscal Q4 Sales Soar

1/31/2003 03:27:00 PM Eastern

Lyndhurst, N.J. - Consumer demand for  plasma and LCD TVs boosted fiscal fourth quarter sales at Harvey Electronics by 27.6 percent, reaching $9.1 million, compared with $7.2 million the previous year.

However, fourth quarter 2002 sales have the benefit of being compared to the year-earlier three months, which saw results negatively affected by the events of 9/11 as well as disruption caused by renovation of the retailer's flagship Manhattan store.

Harvey significantly reduced its net loss for the fourth quarter, ending last Oct. 26, down to $219,663, compared with a net loss of $1 million in the same quarter the previous year.

Sales for the 12 months jumped 13.1 percent, hitting $41.5 million, up from $36.7 million in the same period in 2001. Comp-store sales increased 8 in fiscal 2002.

Net income moved into the black in 2002, with the retailer earning $180,471 over the 12 months, compared with a net loss of $1.3 million in the year-ago period.

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