hhgregg Reports 3Q Sales, Adjusts Guidance, Charts Future Jan 7, 2011

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Indianapolis-based appliance and electronics retailer, hhgregg, Inc. reported that preliminary net sales for the third quarter of its fiscal year 2011 were $653.7 million, up 30.6% over the $500.4 million of net sales reported in the fiscal third quarter last year.

In the quarter that ended Dec. 31, 2010, comparable store sales decreased 6.2%, with the appliance category expected to decrease 5.7%.

In light of the preliminary 3Q sales results, the retailer now anticipates that annual net income per diluted share will be $1.15 to $1.23 in fiscal 2011. Previous guidance put net income at $1.30 to $1.45.

The retailer still plans to open 35-45 new stores in fiscal year 2012, mostly in Chicago, IL; Miami, FL; and in Western Pennsylvania, including the Pittsburgh market.

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