hhgregg Net Climbs 18 Percent in Q3
February 8, 2011,
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.