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Hhgregg Announces First Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):

    Three Months Ended
June 30,
(unaudited, amounts in thousands, except share and per share data) 2013     2012
Net sales $ 524,922 $ 489,856
Net sales % increase 7.2 % 13.5 %
Comparable store sales % increase (decrease) (1) 0.8 % (5.1 )%
Gross profit as a % of net sales 29.5 % 29.9 %
SG&A as a % of net sales 22.7 % 24.3 %
Net advertising expense as a % of net sales 4.9 % 5.6 %
Depreciation and amortization expense as a % of net sales 2.1 % 1.9 %
Loss from operations as a % of net sales (0.3 )% (1.9 )%
Net interest expense as a % of net sales 0.1 % 0.1 %
Net loss $ (1,260 ) $ (5,700 )
Net loss per diluted share $ (0.04 ) $ (0.16 )
Weighted average shares outstanding—diluted 31,263,226 36,138,688
Number of stores open at the end of period 228 210
 
     

(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.

 

hhgregg, Inc. (“hhgregg” or the “Company”) today reported a net loss of $1.3 million, or $0.04 per diluted share, for the three month period ended June 30, 2013, compared with a net loss of $5.7 million, or $0.16 per diluted share, for the comparable prior year period. The decrease in net loss for the three month period ended June 30, 2013 was largely due to a comparable store sales increase of 0.8%, a decrease in SG&A as a percentage of net sales and a decrease in net advertising expense as a percentage of net sales, offset by a decrease in gross profit as a percentage of net sales.

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