hhgregg First-Quarter Comps Down Despite 13.5 Percent Sales Gain
July 11, 2012,
INDIANAPOLIS-In spite of an increase of 13.5 percent in net sales, hhgregg's same-store sales fell 5.1 percent in its fiscal first quarter, which ended on June 30.
Net sales for the specialty retailer totaled about $490 million in the quarter, and were up as a whole primarily due to the net addition of 30 stores. hhgregg attributed its poor comp results primarily to weakness in the video category, whose same-stores sales fell 16.7 percent. Comparable-store sales in its "other" category--which includes furniture, mattresses and accessories along with audio and personal electronics--also turned in a weak quarter with a fall of 19.7 percent. Appliances sales, on the other hand, picked up 6.3 percent on a same-store basis.