Hhgregg Announces First Fiscal Quarter Operating Results

hhgregg, Inc. (NYSE: HGG):
        Three Months Ended
       
(unaudited) June 30, 2012 June 30, 2011
(dollars in thousands, except per share data)
Net sales $ 489,856 $ 431,455
Net sales % increase (decrease) 13.5 % (1.0) %
Comparable store sales % decrease (1) (5.1) % (13.2) %
Gross profit as a % of net sales 29.9 % 30.2 %
SG&A as a % of net sales

24.3
% 23.9 %
Net advertising expense as a % of net sales 5.6 % 4.7 %
Depreciation and amortization expense as a % of net sales 1.9 % 1.7 %
Loss from operations as a % of net sales (1.9) % (0.1) %
Net interest expense as a % of net sales 0.1 % 0.1 %
Net loss $ (5,700) $ (761)
Net loss per diluted share $ (0.16) $ (0.02)
Weighted average shares outstanding - diluted 36,138,688 39,501,518
Number of stores open at the end of period 210 180
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(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 a net loss of $5.7 million, or $0.16 per diluted share, for the three month period ended June 30, 2012, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. The increase in the Company’s net loss for the three month period was the result of a comparable store sales decrease of 5.1%, an increase in net advertising expense as a percentage of net sales, an increase in SG&A expense as a percentage of net sales and a slight decrease in gross profit as a percentage of net sales, partially offset by the net addition of 30 stores in the past 12 months.

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