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						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					$	(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

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		(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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