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Hhgregg Management Discusses Q1 2013 Results - Earnings Call Transcript

What we are disappointed in our results, we are as committed as ever to returning the business to positive comparable store sales.

The video industry remains challenged, with industry ASPs continuing to fall. As we continue to balance traffic growth and profitability in our Video business, we made progress in slowing the decline in gross margins, but at the expense of top line and market share.

While we believe that manufacturers attempts to slow the ASP declines and add profitability back to the category through universal pricing policies and better enforcement among advertised pricing will help profitability in future periods. The broader effect of weak industry demands is expected to continue the way on the category for some time.

In the appliance category, we remain very pleased with the results of our initiatives. We are continuing to gain market share and are becoming the appliance retailer of choice in our markets.

Our growth in the category remains robust, and as likely that appliance will grow to be our largest product category this fiscal year.

We are also pleased with the stability of gross margins in this category, and believe the appliance business is an attractive business that will continue to drive our business over time.

While the computing and mobile phone industry have negatively impacted as consumers defer purchases until the upcoming product launches by Microsoft and Apple, we were still able to generate positive comparable store sales in this product category.

We have fully rolled out our new IT product display and believe that they will help us build momentum in the back half of this year as new products are rolled out.

We remain committed to our core value of competing on price and differentiating ourselves through service.

While we define big-box consumer products today as appliances and large-screen television, we continue to test new products that set this definition.

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