DENVER -Strong sales in all new digital technology products-including televisions, camcorders, cameras and DVD-helped push Ultimate Electronics to its seventh consecutive quarter of double-digit comp-store sales growth.
The retailer reported a 12 percent jump in comp-store store sales for its fiscal third quarter ending Oct. 31. The 12 percent increase was on top of an 18 percent climb reported last year.
Overall TV sales were up 42 percent in the third quarter, compared with the same three months last year. This increase was led by digital TV sales, which represented 15 percent of Ultimate Electronics' overall sales.
For the quarter, digital TV sets increased to 75 percent of all projection TV sales. HDTV and HDTV-ready TV unit sales totaled 6,543 for the quarter, a significant hike from the 2,883 units moved in the previous quarter. Total third-quarter sales were $117.3 million, a 28 percent increase over the $91.9 million recorded in the year-ago quarter.
Sales for the nine months reached $314 million, a 24 percent rise over the $254.3 million recorded in the year-ago nine months. Comp-store sales for the nine months were up 15 percent.
CEO Ed McEntire expects the company to exceed the analysts' consensus estimate for earnings per share for the fiscal third quarter.
The company, he said, is "pleased with the above-plan performance of our first two Phoenix stores, and [we] are excited about opening the next six stores in the market. Of the six, two additional stores are scheduled to open in the next 45 days."