Remote working and learning trends continue to play a role in buoying revenues for online IT retailer Harris Technology, which enjoyed a 206 per cent revenue increase, year-on-year, during the three months to the end of March.
The company posted unaudited revenues of $10.4 million in the third quarter, a substantial increase on the $3.4 million in made in the corresponding period last year.
In a note to shareholders, the publicly listed retailer said that the strong quarterly result would extend its year-to-date revenue up to 31 March to approximately $30 million, representing a whopping 300 per cent increase on the same period the prior year.
“Continued growth and demand across home office and IT products can be partially attributed to working-from-home and remote learning trends which have extended beyond the peak of the COVID-19 pandemic,” the company told shareholders.
The record sales revenue rate was also assisted by Harris Technology’s entry into the gaming category, a popular sector. The company said custom-built PCs, gaming mice and keyboards and, particularly, high-end graphics cards were continuing to show strong demand.
At the same time, Harris Technology has been expanding its warehouse capacity, onboarding new brands and working closely with longtime vendor partners to meet increasing levels of demand.
Indeed, the company said it was in active discussions with gaming products and home appliance brands and distributors to increase its product range and respond to global demand.
“Harris Technology is continuing its strong momentum which has delivered another record-breaking quarter,” the company’s CEO, Garrison Huang, said. “Our strategy in expanding into the gaming category is paying dividends. Recent demand on gaming graphic cards due to high Bitcoin prices has increased our gaming product revenue.
“By identifying market trends and proactively working with vendor partners, we are able to consistently secure supply and ensure healthy stock levels with the most in-demand products, capitalising on these commercial opportunities,” he added.
In February, Harris Technology reported a significant surge in its net profit from continuing operations, which grew by 741 per cent, year-on-year, to just above $1 million during the half year ending 31 December 2020.
While that report gave no indication as to the reason behind the after tax profitability surge, previous announcements by Harris may have pointed to why the retailer had a successful half year.
Its Black Friday and Cyber Monday period, from 27 to 30 November, proved to be particularly beneficial, with it announcing on 7 December that it saw $729,000 in sales over the period.
The first two days of that period ended with $235,000 and $275,000 in sales, respectively, with the retailer noting at the time that these both broke the daily sales record in the history of the retailer.
By comparison, the November 2020 average daily sales prior to the event was $67,000.
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