An increase in sales of higher-priced, higher-margin appliances were key factors in revenue growth for Hamilton Beach during the second quarter.
For the three months ended June 30, the small electrics supplier reported revenue of $127.6 million, up from revenue of $127.1 million in the comparable quarter the previous year. Net income was $3.2 million, up from net income of $2.9 million from the second quarter of 2016.
For the six months, Hamilton Beach reported revenues of $241.7 million compared to revenues of $242.8 million for the six months ended June 30, 2016. Net income for the first half was $3.9 million, up from net income of $2.7 million in the first half of 2016.
Hamilton Beach’s sister company, Kitchen Collection, reported revenues of $25.9 million for the second quarter of 2017 compared with revenues of $28.6 million for the second quarter of 2016. The net loss of $2 million in the quarter was equal to the second quarter of 2016.
According to the company, the decrease in revenues was primarily due to the effect of closing 20 underperforming Kitchen Collection stores since June 30, 2016, and a decline in comparable store sales. The decrease in comparable store sales was mainly attributable to fewer customer visits, which also resulted in a decline in the number of store transactions.
