hhgregg Net Falls 2.2 Percent in Q2
November 1, 2013,
INDIANAPOLIS-A decline in sales pressured hhgregg's second-quarter net income into a 2.2 percent drop, to $3.7 million.
Net sales for the quarter ending on Sept. 30 were down 3.3 percent, primarily the result of a 6.2 percent decrease in same-store sales. Sales in appliances and home products made gains in the quarter, but these were offset by dropoffs in sales of consumer electronics, computing products and wireless products. Home checkouts received a boost by hhgregg's introduction of furniture and fitness equipment into its product mix.
Gross margin was flat at 29.6 percent. Selling, general and administrative expenses were down 4.3 percent in dollars and 20 basis points as a percentage of sales, to 21.2 percent.