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Hhgregg Announces Preliminary Fiscal First Quarter Sales And Results And Updates Fiscal 2013 Guidance; Company Announces Conference Call To Discuss First Quarter Operating Results

Indianapolis-based appliance and electronics retailer, hhgregg, Inc. (NYSE:HGG) today announced preliminary sales and earnings results for the fiscal first quarter ended June 30, 2012 and updated fiscal 2013 guidance. The Company also announced details of its fiscal first quarter earnings conference call.

For the first quarter of fiscal 2013, the Company estimates net sales to be approximately $490 million, an increase of approximately 13.5% as compared to the $431.5 million of net sales reported in the fiscal first quarter last year primarily due to the net addition of 30 new stores. The Company expects a net loss of between $6.2 million to $5.7 million, or $0.17 to $0.16 per diluted share, for the first quarter of fiscal 2013, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. Fiscal first quarter 2013 results were negatively impacted by lower than expected revenues primarily within the video category. In addition, due to the deleveraging impact of lower sales, our advertising and general and administrative expenditures will be greater than the prior year as a percentage of net sales. Estimated net sales mix and comparable store sales percentage changes by product category for the three months ended June 30, 2012 and 2011 were as follows:

    Net Sales Mix Summary       Comparable Store Sales Summary

Three Months Ended June 30,

 

Three Months Ended

June 30,

2012   2011 2012   2011
Video 33 % 37 % (16.7) % (20.6) %
Appliances 49 % 44 % 6.3 % (12.6) %
Home Office (1) 8 % 7 % 8.7 % 54.6 %
Other (2) 10 % 12 % (19.7) % (10.3) %
Total 100 % 100 % (5.1) % (13.2) %

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