hhgregg Net Climbs 18 Percent in Q3

INDIANAPOLIS-Net income for specialty home retailer hhgregg rose 18 percent to $26.9 million in its fiscal third quarter, which ended on Dec. 31, 2010.

The company achieved this result largely on the back of a 31 percent increase in net sales, which totaled $653.7 million in the quarter, but which included a 6.2 percent decline in same-store sales. In addition, hhgregg managed a 40 basis-point reduction in selling, general and administrative expenses as a percentage of net sales, to 18.1 percent. These factors helped offset a drop of 90 basis points in gross margin, which finished the quarter at 29.6 percent.

Dennis May, hhgregg's president and chief executive officer, said the retailer was able to grow its bottom line in spite of a softer-than-expected holiday season due to its execution in new and existing markets. "As a result, we remain confident in our ability to continue to gain market share as we enter new markets and move closer to becoming a national retail chain," May said.

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 August 2017 cover


    August 2017

    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.