Voxx Chief Says Coronavirus Benefits Home Entertainment
Consumers now deem high-end audio products “essential in today's home,” Voxx CEO Pat Lavelle told a quarterly call. Its Klipsch is poised for “the best year in its history,” he said. The premium audio industry has seen COVID-19 boost sales,…
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said Lavelle. Consumers “rediscovered quality audio, and not just for listening to a stereo system but for movies,” evidenced by growth in home theater and high-end sound bars, he said. Home gyms have become an “integral part” of the home workplace, further feeding audio sales, he said. “We've seen the market grow, and we have seen the audience grow.” Pandemic lifestyles breathed new air into premium audio, which grew by double digits as an industry last quarter, the corporate chief said. “We believe this is sustainable.” The stock soared 31% higher Wednesday to close at $11.32, just 38 cents short of its 52-week high.