Harvey's Sales Rise 7% In 2Q - Twice

Harvey's Sales Rise 7% In 2Q

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LYNDHURST, N.J. — Harvey Electronics said fiscal second-quarter sales rose 6.6 percent to $9.1 million from the year-ago period, while sales for the six months ended April 28 increased 12.3 percent to $20.7 million.

Same store sales for the second quarter rose 2.6 percent, while same store sales for the first six months of fiscal 2001 climbed 9.1 percent, compared to the same periods last year.

President Franklin Karp noted that "Our average sales ticket continues to increase, reflecting continued consumer interest in the new technologies we feature, and in our custom installation services, which continues to drive our business." Indeed, custom installations for the half year, including both equipment and labor, accounted for approximately 37 percent of the company's business, compared to 29 percent for the same period last year, Karp said.

He added that "We continue to pursue the expansion and renovation of our store locations," citing the newest store, in Eatontown, N.J., which opened in early April with a month-long grand-opening event. "The initial sales performance of this new location is encouraging," he said of the Eatontown site, which is walking distance from units of The Wiz, Circuit City and 6th Ave. Electronics.

On the flip side, Karp said the current closure of more than half of the flagship store in Manhattan due to renovations has had a negative effect on sales. The renovation, which should be completed by July 2001, will bring the flagship store up to the standards of the company's newest units. "When completed," he said, "we believe the renovation will enhance sales at our flagship store for the remainder of 2001."

Karp also noted that customer traffic has declined chain-wide from the levels enjoyed a year ago, but that the impact on sales has been modest.

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