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Hhgregg Reports 12-Month Income Drop Amidst Expansion
May 27, 2010
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Retail chain hhgregg, Inc. reported net income of $10.0 million in the three months ending March 31, 2010, compared to net income of $13.9 million, for the same period a year ago.

Net income for the 12 months ended March 31, 2010 was $39.2 million, down from $36.5 million in the 12 months ending March 31, 2009.

Much of its results were impacted by expansion costs. The retailer remains on pace to open 40 - 45 new stores in fiscal 2011.

The decrease in fiscal fourth quarter net income was blamed on declining comparable store sales, a decline in gross margin, an increase in operating expenses, and an increase in diluted average shares.

Net sales for the three months ended March 31, 2010 was up 14.4% compared to the comparable prior year period to $417.3 million. Net sales for the 12 months ended March 31, 2010 increased 9.9% over the prior year to $1.5 billion. The increases were attributed primarily to the net addition of 21 stores.

Appliance sales accounted for 33% of total sales for the retailer in the three months ended March 31, 2010, up from 31% in the three months ended March 31, 2009.

Appliance sales accounted for 35% of total sales for the retailer in the 12 months ended March 31, 2010, and was also 35% in the 12 months ended March 31, 2009.

Comparable store sales of appliances were up 3.7% in the three months ended March 31, 2010, compared to a decrease of 19.7% in the three months ended March 31, 2009.

Comparable store sales of appliances were down 3.9% in the 12 months ended March 31, 2010, compared to a decrease of 16.5% in the 12 months ended March 31, 2009.

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