hhgregg Net Down 16 Percent in Third Quarter
January 10, 2012,
INDIANAPOLIS-Third-quarter net income for hhgregg fell an estimated 16 percent to $22.5 million, according to a preliminary report from the specialty retailer.
The decline in the bottom line occurred in spite of a healthy sales gain of 27 percent to $829.5 million in the quarter, which ended on Dec. 31. That increase included a 3.9 percent rise in same-store sales. However, the retailer said lower-than-expected margins in video-products sales and a jump in advertising spending combined to reduce net profit in the quarter.