|Quarter ended July 31,||Same store % change|
|2012||% of Total||2011||% of Total||Change||% Change|
|(dollars in thousands)|
|Furniture and mattress||31,942||18.6||%||21,361||14.1||%||10,581||49.5||%||57.5||%|
|Total product sales||156,024||90.9||%||138,231||91.0||%||17,793||12.9||%||20.0||%|
|Total net sales||$||171,652||100.0||%||$||151,987||100.0||%||$||19,665||12.9||%||21.5||%|
- Home appliance sales increased during the quarter reflecting a 25.0% increase in the average selling price, partially offset by a 19.1% decrease in unit volume. Approximately one-third of the unit sales decline was attributable to the previous store closures. On a same store basis, laundry sales increased 15.4%, refrigeration sales increased 7.5% and cooking sales increased 17.4%. Milder temperatures drove a 18.9% decrease in room air conditioner sales;
- The continued growth in furniture and mattress sales was driven by enhanced presentation, product selection and increased promotional activity. The reported increase was tempered by the impact of previous store closures.
- Furniture same store sales growth was driven by a 36.5% increase in unit sales together with a 19.3% increase in the average sales price.
- Mattress same store sales also increased reflecting a favorable shift in product mix from the Company’s decision to discontinue offering low price-point products. As a result, on a same store basis, the average mattress selling price rose 78.5% and was partially offset by an 18.8% decline in unit volume;
- Consumer electronic sales decreased modestly due to the previous store closures. On a same store basis, sales rose 4.6% with growth in televisions, home theater and audio sales partially offset by a reduction in gaming hardware and accessory item sales. With the Company’s decision beginning late last year not to compete for low-priced, low-margin television sales, the same store average selling price for televisions increased 32.1%, while unit sales declined 20.5%; and
- Home office sales growth was driven by the expansion of tablet sales, as well as a 26.8% increase in the average selling price of computers. The reported increase was partially offset by the impact of store closures, a reduction in computer unit volume and lower sales of accessory items.