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Hhgregg Announces First Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):
        Three Months Ended
(unaudited) June 30, 2012 June 30, 2011
(dollars in thousands, except per share data)
Net sales $ 489,856 $ 431,455
Net sales % increase (decrease) 13.5 % (1.0) %
Comparable store sales % decrease (1) (5.1) % (13.2) %
Gross profit as a % of net sales 29.9 % 30.2 %
SG&A as a % of net sales

% 23.9 %
Net advertising expense as a % of net sales 5.6 % 4.7 %
Depreciation and amortization expense as a % of net sales 1.9 % 1.7 %
Loss from operations as a % of net sales (1.9) % (0.1) %
Net interest expense as a % of net sales 0.1 % 0.1 %
Net loss $ (5,700) $ (761)
Net loss per diluted share $ (0.16) $ (0.02)
Weighted average shares outstanding - diluted 36,138,688 39,501,518
Number of stores open at the end of period 210 180


Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site.

Indianapolis-based appliance and electronics retailer, hhgregg, Inc. (“hhgregg” or the “Company”) today reported a net loss of $5.7 million, or $0.16 per diluted share, for the three month period ended June 30, 2012, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. The increase in the Company’s net loss for the three month period was the result of a comparable store sales decrease of 5.1%, an increase in net advertising expense as a percentage of net sales, an increase in SG&A expense as a percentage of net sales and a slight decrease in gross profit as a percentage of net sales, partially offset by the net addition of 30 stores in the past 12 months.

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