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Harvey Q3 Sales Up 1.4%

8/16/2004 01:55:00 PM Eastern

Lyndhurst, N.J. — Sales gains in the custom installation, home audio and accessories categories helped edge Harvey Electronics’ fiscal third-quarter revenue up 1.4 percent to $10 million for the three months ended July 31, while same store sales rose 2 percent.

“We are very pleased with our comparable store sales results,” said Franklin Karp, president, who noted that the New York metro area A/V specialty chain continues to outpace its CE retail peers in comp gains. Driving the increase were hikes in Harvey’s custom installation business, which represented 59 percent of net sales for the first nine months of fiscal 2004, up from 55 percent during the prior year. Karp also reported increased sales of high margin accessories, including extended warranties, cable, wiring and surge protectors, and upticks in its audio business and labor income.

Going forward, the company, a member of the Home Theater Specialists of America (HTSA), plans to “increase our focus, efforts and resources toward our profitable custom installation business,” Karp said. “We are committed to improving and expanding our overall service, installation and integration services … and remain optimistic for the remainder of the year.”

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