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.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
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.
ALSO IN THIS ISSUE:
- 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.