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Harvey Posts Record Sales For Year, Q4

LYNDHURST, N.J. -Posting “unprecedented” sales results for fiscal 2000, Harvey Electronics said, as a result, fiscal 2000 would be profitable. Year-end and fourth-quarter results will be released in January.

Harvey announced record total sales as well as comp-store sales increases for the fourth quarter and year ended Oct. 28.

For the three months, net sales were about $8 million, a 56 percent jump, or $2.9 million over the figure registered in the same quarter last year. Comp-store sales in the fourth quarter were nearly identical.

For the year, net sales reached $34.4 million, an increase of more than 60 percent, or an increase of $13 million, over the net sales registered in 1999. Comp-store sales for the fiscal year increased by 52 percent, an increase of slightly more than $11 million over comp-store sales in 1999.

Net sales for October were about $2.5 million, an increase of slightly more than $700,000, or 39 percent, from the same month last year.