Lyndhurst, N.J. — Custom installation and higher margin accessories continue to drive the consumer electronics business at retailer Harvey Electronics.
This New York regional operation reported a 7.2 percent increase in sales for its fiscal fourth quarter, ended Oct. 30, hitting $10.4 million, up from $9.7 million in the same three months last year. Comp-store sales rose 7.7 percent.
“We are committed to improving and expanding our overall service offerings,” said Franklin Karp, president/CEO. “Service differentiates Harvey and we will continue to promote our sophisticated installation and integration initiatives.”
Also, said Karp, “In the fourth quarter, we are again pleased to report an increase in audio sales, the third consecutive quarter where an increase has been achieved. We believe these results validate our efforts to revitalize our higher margin audio business.”
Karp also expects Harvey gross margin to remain strong for the fourth quarter and for the year, in anticipation of a profit being reported for the full year.
For the 12 months, Harvey sales climbed 1.6 percent, to over $43.1 million, compared with the past year. The retailer said the previous year included one additional week in the sales comparison, coming in at 53 weeks, compared to the current year’s 52. As a result, comp-store sales for the 52 weeks this year increased about 4 percent, or 1.6 million, said Harvey.