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Harvey Boosts Q1 Sales 17.3%

LYNDHURST, N.J. -Increases in custom-installation projects, including equipment sales and labor income, stimulated by strong demand for plasma flat-screen, high-definition and HD-ready televisions, as well as home theaters, were responsible for a 17.3 percent sales increase during the fiscal first quarter at Harvey Electronics.

Net sales for the 2001 fiscal first quarter ended Jan. 27 reached a record $11.5 million, compared with the same quarter last year. Comp-store sales for the quarter climbed by 15.3 percent, compared with the same quarter in fiscal 2000.

For January, net sales were about $3.5 million, an increase of 31.4 percent, compared with the same month last year. Comp-store sales for January increased by 29.9 percent, compared with January 2000.

These sales increases, said Harvey, have been achieved from a base year, fiscal 2000, that resulted in about 60 percent increases over fiscal 1999. The fiscal-2000 increases include the maturing of several of the company’s retail locations.

“Our first-quarter sales results, which include the holiday shopping season, are considerably better than the results experienced by retailers generally, and within our industry,” said president Franklin Karp. “Our sales results have exceeded our own expectations, considering the challenging retail environment,” said Karp, who reported that Harvey would be profitable in the first quarter.

Custom-installation sales continue to increase, now accounting for 34 percent of sales, said Harvey, which noted that customer traffic was slower in the first quarter, compared with the year-ago quarter.

Marketing efforts in the first quarter were significant-including radio, newspaper, cable and network television, direct mail and catalog ads, said Karp. The retailer will open its ninth store next month, in Eatontown, N.J.