DANIA BEACH, Fla. -- Sound Advice announced record sales for the first fiscal quarter in 2001. Net sales for the three months ended April 30 were $42.7 million, an increase of 11 percent over the $38.5 million recorded in the same period a year ago. Same-store sales jumped 11 percent in the first quarter over the first quarter of last year.
Gross profit climbed 11 percent to $15.1 million for the first fiscal quarter, compared to $13.6 percent in the same period last year. Gross profit margin was 35.3 percent in both years' quarters. Net income increased to $676,000 this year from $620,000 in the year-earlier period. This quarter's results included a provision for income taxes of $432,000, compared to none in the same quarter last year.
The high-end audio and video entertainment products and mobile electronics retailer operates 24 Sound Advice locations in Florida and four Bang & Olufsen mall units. The retailer said it plans to open additional Sound Advice and Bang & Olufsen stores this year. Also, it is planning a new mall-based Electronic Environments concept store later this summer in the Gardens Mall in Palm Beach County. This will be designed to capitalize on high-end products and custom installed systems.
"Demand for new digital consumer electronics has been impressive," said Peter Beshouri, chairman/CEO, "and we have been a major beneficiary of this trend.
"Along with the new product features and systems integration possibilities comes the need for increased expertise and service. This is where Sound Advice differentiates itself from the competition," said Beshouri.