hhgregg Q4, FY Sales Fall
April 15, 2014,
INDIANAPOLIS-hhgregg said it is estimating its fourth-quarter sales to total $538.3 million, 9.9 percent down from the fourth quarter of last year.
This would bring its net sales for the fiscal year ending on March 31 to about $2.3 billion, a decrease of about 8 percent from the prior fiscal year. Same-store sales in the quarter were estimated to be down 9.9 percent. The computing/wireless and consumer-electronics categories logged in same-store sales drops of 22.6 percent and 18.9 percent, respectively. Appliances gained roughly 0.5 percent, and home products were down 0.4 percent on a same-store basis.
Dennis May, hhgregg's president and CEO, said the retailer's fourth-quarter results suffered from the extreme weather problems that beleaguered other U.S. retail chains. The weather had the biggest impact on hhgregg's stores in the Midwest and Mid-Atlantic regions, May said.
hhgregg will issue the full report on its fourth quarter and fiscal year on May 20.