Harvey Electronics, facing a 10.2% drop in third-quarter revenue, hopes to better target its customers through direct mail and e-mail. The Lyndhurst, NJ-based retailer also plans to announce a new ad agency and launch a fourth-quarter campaign.
Net sales for the quarter totaled $9 million, a $1 million decline from the same period last year. Comparable store sales fell by $1.2 million, or 11.6%.
In addition, the firm expects to report a loss for the third quarter and the first nine months of the fiscal year.
“We are obviously disappointed with the sales results to date for fiscal 2005,” said CEO Franklin Karp in a statement. “Comparables tore sales have declined since the end of January 2005, primarily from reduced retail store traffic resulting in lower video sales.”
