At the end of our prepared remarks, we will have until 10:00 a.m. Eastern time to answer your questions. [Operator Instructions]
Let me take a moment to reference the Safe Harbor provisions under Private Securities Litigation Reform Act of 1995. During this call, we'll make forward-looking statements, which are subject to significant risks and uncertainties, which include the future operating and financial performance of the company.
The company believes that the expectations reflected in its forward-looking statements are reasonable and can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.
We refer you to today's earnings release and the MD&A and Risk Factor sections of our Form 10-K, which was filed on May 23, 2012; and our Form 10-Q, which was filed this morning, for additional discussion of these risks and uncertainties.With that, I'd like to turn the call over to Dennis. Dennis L. May Thanks, Andy, and good morning, everyone. Thank you for joining us today. I'd like to begin by recognizing our dedicated employees and extending a special thanks to all of our associates. It's your hard work and dedication that differentiates hhgregg and assures our customers receive a superior shopping experience. As we mentioned in our press release, our sales results from the quarter were below our expectations. Heading into the quarter, we have projected comparable store sales to be in line with our March quarter results, which was a comparable store decline of negative 0.7. However, we experienced weaker demand and greater volatility in our business than anticipated. We reacted to the sales shortfall and making adjustments to our cost structure and expects subsequent quarters to benefit from our cost-reduction measures. Looking forward, these adjustments to our cost structure will allow us to partially offset the impact on earnings from our previously announced sales revised sales assumptions.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV