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Hhgregg Announces Second Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):
   
Three Months Ended

September 30,
Six Months Ended

September 30,
(unaudited) 2012   2011 2012   2011
(dollars in thousands, except per share data)
Net sales $ 587,636 $ 618,603 $ 1,077,492 $ 1,050,058
Net sales % (decrease) increase (5.0) % 28.6 % 2.6 % 14.5 %
Comparable store sales % (decrease) increase (1) (8.8) % 1.5 % (7.2) % (5.0) %
Gross profit as a % of net sales 29.6 % 28.6 % 29.8 % 29.2 %
SG&A as a % of net sales 21.4 % 20.6 % 22.7 % 22.0 %
Net advertising expense as a % of net sales 5.4 % 4.9 % 5.5 % 4.8 %
Depreciation and amortization expense as a % of net sales 1.7 % 1.3 % 1.8 % 1.5 %
Income (loss) from operations as a % of net sales 1.1 % 1.7 % (0.2) % 0.9 %
Net interest expense as a % of net sales 0.1 % 0.1 % 0.1 % 0.1 %
Net income (loss) $ 3,760 $ 6,026 $ (1,940) $ 5,265
Net income (loss) per diluted share $ 0.11 $ 0.16 $ (0.05) $ 0.13
Weighted average shares outstanding - diluted 35,291,269 38,097,564 35,685,482 39,021,215
Number of stores open at the end of period 223 204
 

_______________

(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 net income of $3.8 million, or $0.11 per diluted share, for the three month period ended September 30, 2012, compared with net income of $6.0 million, or $0.16 per diluted share for the comparable prior year period. For the six month period ended September 30, 2012, the Company reported a net loss of ($1.9) million, or ($0.05) per diluted share, compared with net income of $5.3 million, or $0.13 per diluted share for the comparable prior year period. The decrease in net income for the three month period was the result of an 8.8% decrease in comparable store sales, an increase in net advertising expense as a percentage of net sales and an increase in SG&A expense as a percentage of net sales, partially offset by an increase in gross profit as a percentage of net sales and an increase in net sales due to the net addition of 19 stores during the past 12 months. The decrease in net income for the six month period was the result of a comparable store sales decrease of 7.2%, an increase in net advertising expense as a percentage of net sales and an increase in SG&A expense as a percentage of net sales, partially offset by an increase in gross profit as a percentage of net sales and an increase in net sales due to the net addition of 19 stores during the past 12 months.

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