Total
0
Shares
Harris Technology (ASX:HT8) - CEO, Garrison Huang
CEO, Garrison Huang
Source: Harris Technology
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Harris Technology Group (HT8) achieved a record $15.1 million in quarterly sales in the September quarter — a 54 per cent year-on-year increase
  • The online retailer’s products sold well through marketplace channels such as Amazon AU where it maintained 100 per cent positive customer reviews over the past 12 months
  • Expenditure included around $14.41 million on product and manufacturing costs, while HT8 closed September cashflow positive
  • Harris Technology Group ended the period with $3.5 million in cash
  • Company shares are 6.38 per cent in the green to close at 12.5 cents each

Harris Technology Group (HT8) achieved a record $15.1 million in quarterly sales in the September quarter.

The online tech retailer’s unaudited sales figure of $15.1 million represent a 54 per cent increase from the $9.8 million in the prior corresponding period (September 2020 quarter).

For the month of August alone, Harris Tech recorded $5.6 million in total sales, which is also a monthly record.

HT8 has steadily increased revenue over the last two financial years and continues to gain momentum through marketplace channels including Amazon Australia where it has maintained 100 per cent positive customer reviews over the past 12 months.

This feedback has assisted Harris in maintaining its number one ranked seller rating on Amazon Australia.

The company’s electronic and IT consumer products can be found on platforms such as Amazon, eBay, Catch, Kogan and MyDeal — all of which contributed to quarter-on-quarter increases.

After achieving consistent revenue growth in recent quarters, Harris Tech said it was focused on balancing revenue growth and profitability. Management has reviewed brands sold and increased direct importing and private label business over the last few months.

The company reported some supply chain delays due to ongoing chipset shortage and international shipping disruption.

However, Harris Tech claimed strong international and domestic distribution partnerships and a proactive buying strategy led to its inventory being replenished and well stocked to meet customer demand.

Expenditure over the quarter included around $14.41 million on product and manufacturing costs, while HT8 closed September cashflow positive.

HT8 had about $3.5 million in cash at the end of the September quarter.

Looking ahead, Harris Tech is preparing to consolidate its three warehouses into one larger complex to support greater inventory turnover and operational efficiency.

Company shares ended the day 6.38 per cent in the green to close at 12.5 cents.

HT8 by the numbers
More From The Market Herald
Adairs (ASX:ADH) - CEO & Managing Director, Mark Ronan

" Adairs (ASX:ADH) acquires Focus on Furniture for $80m

Adairs (ADH) has agreed to purchase Focus on Furniture for an enterprise value of $80 million.

" PointsBet Holdings (ASX:PBH) awarded sports betting supplier license in Virginia

PointsBet Holdings’ (PBH) subsidiary has been awarded a temporary supplier license to offer online sports wagering in Virginia, USA.
The Market Herald Video

" RAS Technology (ASX:RTH) makes ASX debut following $29m IPO

RAS Technology (RTH) had a successful first day of trading on Tuesday, with shares climbing 6.6 per cent following the company’s $29 million...

" Wide Open Agriculture (ASX:WOA) signs oat milk agreement with Woolworths

Wide Open Agriculture (WOA) has signed a distribution agreement with Woolworths for its oat milk, OatUP.