Ultimate Electronics reported its sales jumped 21% to $85.9 million in the three months through July 31, putting its sales for its fiscal first half at $142.1 million, up 17%. Same-store sales were up 20% for the quarter and 17% for the full period.
The quarter's comparable sales growth "was the highest in over four years," said CEO Ed McEntire. He indicated the 30-store Denver-based chain expects to report earnings for the quarter of more than $1 million, against a net of $58,000 in the same period last year. The profit total is "well ahead of analyst estimates," McEntire noted.
Commenting on the quarter's revenue growth, President David Workman said that while all categories performed better than expected, "sales increases were the strongest in the large format TV, DVD, cellular phone and furniture categories."