A strong sales performance at stores open at least one full year, the sales contribution from newer outlets, and its high-margin product mix provided Florida’s Sound Advice with solid fiscal first-quarter sales and earnings gains.
For the three months to April 30 the upscale retailer had a net of $620,000, a better than five-fold jump from the year-earlier $117,000, while sales, at just over $39 million, rose 16%. Same-store sales were up 7% for the period.
Peter Beshouri, CEO of the 26-store chain, said two Sound Advice outlets and the second Bang & Olufsen specialty outlet opened late in fiscal 1999 contributed to the sales improvement, and additional store openings are planned for the current fiscal year.
"Our improvement in comparable-store sales is indicative of the consumer’s desire to upgrade aging sound and video equipment with fully integrated digital home and auto entertainment systems," said Beshouri. "We have differentiated ourselves from the big-box home appliance/electronics retailers by offering an upscale product mix, innovative merchandising and superior service."