hhgregg, Inc. (NYSE: HGG):
|Three Months Ended|
|(unaudited)||June 30, 2012||June 30, 2011|
|(dollars in thousands, except per share data)|
|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||24.3||%||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 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|
|(1)||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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