VOXX has made available its second quarter fiscal report. Here are some highlights, according to VOXX, from the second quarter, which spanned from June through August:
- Net sales for the second quarter were $113.5 million, a decrease of $4.9 million or 4.1 percent as compared to $118.3 million reported in the comparable year-ago period
- Automotive segment sales were $32.7 million as compared to $38.9 million, a decline of $6.3 million or 16.1 percent. This was principally due to lower OEM sales, as an international program ended in the fiscal 2018 first quarter and domestic OEM sales were impacted by the winding down of certain headrest programs with two OEM customers in anticipation of new programs beginning in the fiscal 2018 third and fourth quarters. Additionally, the company experienced higher aftermarket rear-seat entertainment sales as a result of the acquisition of Rosen Electronics during the Fiscal 2018 first quarter
- Premium Audio segment sales were $39.9 million as compared to $34.9 million, an increase of $5 million or 14.4 percent. Driving the year-over-year increase were higher sales of new products, including various lines of HD wireless desktop and bookshelf size speakers, home entertainment speakers, wireless sound bars, Klipsch Heritage products, and wireless and multi-room streaming audio systems. These increases were partially offset by lower sales of commercial speakers due to timing of certain projects and programs
- Consumer Accessories segment sales were $40.6 million as compared to $44.3 million, a decline of $3.7 million or 8.3 percent. The segment experienced higher sales of wireless speakers, Project Nursery products and new Striiv activity tracking bands, the latter of which was launched during the Fiscal 2018 second quarter. The Company also experienced an increase in international sales. Offsetting these increases were lower sales across select product lines within the hook-up and reception categories, among others.