hhgregg Announces First Fiscal Quarter Operating Results Aug 23, 2011

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Home appliances and consumer electronics retail chain hhgregg, Inc. reported fiscal first quarter net sales decreased 1.0% to $431.5 million while comparable store sales decreased 13.2%.

"As expected, our fiscal first quarter was a challenging period. We faced the lapping of last year's appliance stimulus program, the grand opening sales from 26 new stores during Q1 last year and our most difficult comparable store sales comparisons in the past 11 quarters," said hhgregg President and CEO Dennis May. "Despite these difficult comparisons, strong inventory management allowed us to reduce inventory per store by nearly 9%. Our new stores continue to open strong and our new store sales productivity continues to be over 100%. Additionally, we continue to make significant progress on launching our strategic initiatives designed to grow our appliance market share, reposition our online capabilities, expand our home office category and drive brand awareness, all of which we believe will benefit us in future periods."

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