Harvey Electronics, based in the New York metropolitan area, and Texas-based electronics/appliance retailer Conn’s, both reported sales improvements during the quarter ended Oct. 31.
Custom installation and higher margin accessories continue to drive the consumer electronics business at retailer Harvey Electronics. The 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.
Conn’s, the 49-unit CE and majap chain that also sells bedding and lawn and garden chain, said third-quarter sales rose 11.8 percent to $115.1 million for the three months ended Oct. 31.
Same store sales increased 1.5 percent for the period.
In a prepared statement, chairman/CEO Thomas Frank noted that “While our overall same store sales increase dropped to the lower single-digit range, we continued to experience solid double digit increases at our total sales line. Our track, bedding and lawn and garden product categories continued to be significant contributors to our total product sales growth.”
Conn’s, a member of the NATM Buying Corp., defines track sales as sales of smaller electronic and appliance items and other take-with products that are sold inside a track located within the interior of each store.
