This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hhgregg Announces Preliminary Third Fiscal Quarter Sales And Earnings Results And Updates Fiscal 2013 Guidance

Mr. May continued, “Our appliance business, which is now our largest product category, along with our computing and mobile phones category continue to perform well. We are pleased with the results of our initiatives to drive continued market share gains in the appliance category, resulting in our sixth consecutive quarter of appliance comparable store sales increases. In addition, we are pleased with the consumer acceptance of our new products, particularly the roll-out of the furniture category and the introduction of Apple products. We believe that our service-oriented sales force along with our ability to both offer attractive financing options and deliver big box product to our consumers' home, gives us the flexibility to adapt our business around today's dynamic retail environment.”

All figures in this release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. Further details of these results will be provided in the Company’s earnings release and conference call discussed in more detail in this release.

Updated Fiscal 2013 Guidance

In light of the preliminary third fiscal quarter sales and earnings results and our revised outlook for the fourth fiscal quarter, the Company now anticipates that annual net income per diluted share will be within a range of $0.70 to $0.80 for fiscal 2013. This compares to previous guidance of net income per diluted share of $0.90 to $1.05 for fiscal 2013. The Company’s revised fiscal 2013 guidance includes the following assumptions:
  • fiscal 2013 comparable store sales of negative 8.5% to negative 7.5%, as compared to previous guidance of negative 6.0% to negative 4.0%
  • fiscal 2013 net sales increase of flat to 1.0%, as compared to previous guidance of net sales increase of 3.0% to 6.0%
  • net capital expenditures of $35.0 million to $40.0 million, as compared to previous guidance of $50.0 million to $55.0 million
  • the impact of fiscal year-to-date share repurchases of 3.6 million shares at a cost of $30.0 million

Jeremy Aguilar, Chief Financial Officer commented, “We continue to test new merchandise categories that will aid us in reducing our overall mix of business from the video category. While the diversification of our business will take time, we are pleased with the early results of the new merchandise initiatives. For the fourth fiscal quarter, we expect to continue to drive comparable store sales increases and market share gains in the appliance and computing and mobile phone categories. However, we anticipate that the industry wide declines in the video category will continue. We also expect our sales mix to have a negative impact on our gross margin rate in the fourth fiscal quarter compared to the prior year. These factors along with our third fiscal quarter results are expected to negatively affect fiscal 2013 earnings, as reflected in our revised guidance.”

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $681.92 -0.32%
TSLA $150.47 4.73%
YHOO $26.75 -1.30%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs