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TheStreet Open House

Hhgregg Announces Second Fiscal Quarter Operating Results

Guidance

The Company continues to expect net income per diluted share to be within a range of $0.90 to $1.05 for fiscal 2013.

Included in the Company's guidance are the following annual assumptions:

  • fiscal 2013 comparable store sales of negative 6% to negative 4%
  • fiscal 2013 net sales increase of 3% to 6%
  • 20 new store openings in fiscal 2013, from a previous range of 20 to 22
  • the impact of year to date share repurchase activity of 2.3 million shares at a cost of $19.5 million

Jeremy Aguilar, Chief Financial Officer commented, “Our balance sheet and liquidity remain strong, with inventory per store down 10%, no long-term debt and no borrowings under our revolving credit facility. This positions us well to execute on our strategic initiatives to drive additional traffic and increase sales productivity in our comparable store base. While the overall operating environment will likely remain volatile for the foreseeable future, we remain committed to improving shareholder value over the long-term and are reiterating our net income per diluted share guidance for fiscal 2013 of $0.90 to $1.05 per share.”

Teleconference and Webcast

hhgregg will be conducting a conference call to discuss operating results for the three months ended September 30, 2012, on Friday, November 2, 2012 at 9:00 a.m. (Eastern Time). Interested investors and other parties may listen to a simultaneous webcast of the conference call by logging onto hhgregg’s website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877) 304-8963. Callers should reference the hhgregg earnings call.

About hhgregg

hhgregg is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg™. hhgregg currently operates 224 stores in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia and Wisconsin.

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