Harris Technology Group (ASX:HT8) ends June with $12.6m worth of sales

• Harris Technology Group (HT8) ends June with a record $12.56 million worth of sales, helped by another bumper Amazon Prime Day result
• The online tech retailer says it notched up $429,000 worth of sales during Prime Day, maintaining its number one seller ranking on Amazon
• HT8 bought in $42 million worth of revenue in FY21, increasing its inventory levels to $10.4 million in Q4 to help support the demand
• The company ended FY21 with $3.26 million in the bank, having spent $2.75 million, but says it should have enough inventory to meet demand over FY22
• Harris Tech shares are trading down 7.69 per cent at 12 cents each

Harris Technology Group (HT8) has ended June with a record $12.56 million worth of sales, helped along by another bumper Amazon Prime Day result.

Sales results

The online tech retailer posted its Q4 FY21 report on Monday, reporting 90 per cent growth in sales during the period when compared to Q4 FY20.

The company revealed it made $429,000 worth of sales during the two-day sales event sales in June, maintaining its number one seller ranking on Amazon.

HT8 also brought in $1 million worth of sales during the month of June on eBay, helping the company hit a new monthly sales record of $5.13 million.

Harris Tech ended FY21 having notched up $42 million worth of revenue, a 209 per cent increase when compared year on year.

Financials & outlook

To support the growing sales demand, the company increased its inventory levels throughout the year, ending June with $10.4 million in inventory.

HT8 ended Q4 with $3.26 million worth of cash in the bank, but said the topped-up inventory levels should be enough to sustain the business throughout FY22.

The company burnt through $2.75 million on operating expenses in June and also revealed it had $2.35 million in finance facilities available to use.

Commenting on Harris Tech’s future, CEO Garrison Huang said the company would re-launch its own website in the coming year.

“Wide-scale adoption of online shopping has continued to accelerate which has fueled Harris Technology’s rapid growth as a pure online player during the peak of the pandemic and beyond,” Mr Huang said.

“It is encouraging to see that our core IT/CE business is maintaining strong momentum despite increased competition in the tech retail space having an impact on margins across the sector as we strive to become the largest marketplace tech seller in Australia.”

HT8 shares were trading down 7.69 per cent at 12 cents each at the close of the market on Monday.