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Hhgregg Announces Third Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):
  Three Months Ended   Nine Months Ended
December 31, December 31,
(unaudited, amounts in thousands, except share and per share data) 2012   2011 2012   2011
Net sales $ 799,635 $ 829,546 $ 1,877,127 $ 1,879,603
Net sales % (decrease) increase (3.6 )% 26.9 % (0.1 )% 19.7 %
Comparable store sales % (decrease) increase (1) (9.7 )% 3.9 % (8.3 )% (1.2 )%
Gross profit as a % of net sales 27.3 % 27.2 % 28.7 % 28.4 %
SG&A as a % of net sales 17.4 % 17.0 % 20.4 % 19.8 %
Net advertising expense as a % of net sales 4.8 % 4.8 % 5.2 % 4.8 %
Depreciation and amortization expense as a % of net sales 1.3 % 1.1 % 1.6 % 1.3 %
Income from operations as a % of net sales 3.7 % 4.5 % 1.4 % 2.5 %
Net interest expense as a % of net sales 0.1 % 0.1 % 0.1 % 0.1 %
Net income $ 17,389 $ 22,478 $ 15,448 $ 27,743
Net income per diluted share $ 0.51 $ 0.60 $ 0.44 $ 0.72
Net income per diluted share, as adjusted (2) $ 0.52 0.60 $ 0.45 0.72
Weighted average shares outstanding—diluted 33,985,113 37,603,767 35,168,497 38,522,707
Number of stores open at the end of period 228 208

(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.

(2) Third fiscal quarter 2013 amount is adjusted to exclude an impairment charge. See the attached reconciliation of non-GAAP measures.

hhgregg, Inc. (“hhgregg” or the “Company”) today reported net income of $17.4 million, or $0.51 per diluted share, for the three month period ended December 31, 2012, compared with net income of $22.5 million, or $0.60 per diluted share, for the comparable prior year period. For the nine month period ended December 31, 2012 net income was $15.4 million, or $0.44 per diluted share, compared with net income of $27.7 million, or $0.72 per diluted share for the comparable prior year period. Third fiscal quarter 2013 results include a $0.5 million ($0.3 million after-tax) charge related to impairment for one store. Net income, as adjusted for this item, for the three month period ended December 31, 2012 was $17.7 million, or $0.52 per diluted share, as adjusted. Net income, as adjusted for this item for the nine month period ended December 31, 2012 was $15.8 million, or $0.45 per diluted share, as adjusted. The decrease in adjusted net income for the three month period ended December 31, 2012 was largely due to a comparable store sales decrease of 9.7% and an increase in SG&A as a percentage of net sales, partially offset by the accretive impact of the net addition of 20 stores during the past 12 months and an increase in gross profit as a percentage of net sales. The decrease in adjusted net income for the nine month period was the result of a comparable store sales decrease of 8.3%, 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 the accretive impact of the net addition of 20 stores during the past 12 months and an increase in gross profit as a percentage of net sales.

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