hhgregg Narrows Q1 Loss as Sales Climb

hhgreggINDIANAPOLIS-Increases at the checkout line, along with a more favorable expense scenario, enabled hhgregg to reduce its first-quarter net loss to $1.3 million from the $5.7 million net loss posted in last year's first quarter.

Net sales in the quarter, which ended on June 30, rose 7.2 percent to $524.9 million, which included a same-store sales gain of 0.8 percent. Comparable-store increases in home products, appliances and computing and wireless merchandise were key factors in the top-line growth. Dennis May, hhgregg's president and CEO, said consumer feedback on the retailer's new product assortments was positive in the quarter, "and (we) will continue to expand and refine these category additions throughout the coming year."

May added that hhgregg's first-quarter performance received another boost from the company's cost-cutting measures. Selling, general and administrative expenses were just about flat in dollars and declined 152 basis points as a percentage of sales, to 22.7 percent. Net advertising expense also fell 6.2 percent. Gross margin dropped 46 basis points to 29.5 percent.

hhgregg did not provide any guidance in connection with its first-quarter results, due to the relatively small seasonal influence of the first quarter on the entire year.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.