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hhgregg Gains Appliance Market Share
Feb 8, 2012
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Appliance retailer hhgregg gained "significant" appliance market share in the third quarter of its current fiscal year, according to President and CEO Dennis May.

"While pleased with our overall comparable store sales increase of 3.9% and market share gains during the third fiscal quarter, we were disappointed with the macro trends across the video category," said May. "Our initiatives to gain market share in the appliances category and to grow our home office category sales have produced favorable results. Management believes the company gained significant market share in both of these categories during the quarter."

Hhgregg reported net income of $22.5 million for the three-month period ended December 31, 2011, down from $26.9 million in the same period in the previous year. For the nine-month period ended Dec. 31, 2011, net income was $27.7 million, down from $33.6 million in the comparable prior year period.

Appliance retailer hhgregg reported net income of $22.5 million for the three-month period ended December 31, 2011, down from $26.9 million in the same period in the previous year. For the nine-month period ended Dec. 31, 2011, net income was $27.7 million, down from $33.6 million in the comparable prior year period.

The retailer had a net addition of 35 stores in the previous 12 months, but also saw comparable store sales decrease 1.2% in the first nine months of its current fiscal year.

Net sales for the three and nine months ended Dec. 31, 2011 increased 26.9% and 19.7%, respectively, to $829.5 million and $1.9 billion, compared to the comparable prior-year periods.

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