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Harvey Q3 Sales Up 5%

8/20/2003 08:14:00 AM Eastern

Lyndhurst, N.J. — New York metro area A/V specialty chain Harvey Electronics reported a 5.1 percent hike in net sales to $10.1 million for its fiscal third quarter ended Aug. 2.

With its store count steady at nine units since the comparable year-ago period, same store sales also clocked in with a 5.1 percent gain.

President Franklin Karp said strong demand for digital video products including plasma, LCD flat panel and DLP TVs continued to drive his business despite the soft economy and slower summertime store traffic. In addition, those products helped spur add-on sales and services including cable, furniture, extended warranties, accessories, audio components and custom installation.

Karp added that Harvey — a member of the Home Theater Specialists of America group (HTSA) — will continue to maintain 'significant' marketing efforts through the year, and is anticipating improved gross profit margin and enhanced overall operating results for the third quarter.

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