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- Online IT and consumer Electronic goods vendor Harris Technology Group (HT8) has seen a sales growth of 411 per cent in August due to Victoria’s lockdown
- The company reported a total sales revenue for the month of August of $3.32 million
- Sales in its Pro-Hygiene division were strong once again and Harris believes the growth has been largely driven by the Victorian Government restrictions
- With there is uncertainty around the Pro-Hygiene due to restrictions easing, the company is confident it’s strategically well-positioned to keep growing the IT and CE product sales
- On the market this morning, Harris remains in the grey and is trading for 11.5 cents per share
Harris Technology Group (HT8) has seen a sales growth due to Victoria’s lockdown.
The company has reported a total sales revenue for the month of August of $3.32 million, which is a 411 per cent increase from August 2019’s $650,000.
Sales within its Pro-Hygiene division were strong again and Harris believes the growth has been largely driven by the Victorian Government restrictions.
Company directors are cautious that the sales in Pro-Hygiene may slow down as both the Victorian Government and other Australian states’ COVID-19 restrictions are eased.
However, the directors are confident that Harris is strategically well-positioned to keep growing the IT and CE product sales.
Harris believes the COVID-19 pandemic has structurally and permanently changed the public’s shopping behaviour and the company will be able to benefit this move to online shopping.
The company has also recently started selling on two more online market platforms- Groupon and Mydeal.
“Harris was able to seize the business opportunity in light of the Victoria COVID-19 second wave in its Pro-Hygiene business. The Pro-Hygiene business delivered about $1.4 million revenue in July and August,” CEO Garrison Huang said.
“Our Online IT/CE business is also experiencing strong growth year on year. Harris has expanded product coverage into mobile phone and accessories. The company is also entering brand new product of categories of homeware and kitchenware,” he added.
On the market this morning, Harris remains in the grey and is trading for 11.5 cents per share at 11:48 am AEST.
