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hhgregg Reports Gains in Appliance Market Share
May 24, 2012
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Appliance retailer hhgregg, Inc., said it gained market share in the fourth quarter of its fiscal year 2012. The retailer reported net income for its 2012 fiscal year, which ended March 31, 2012, of $81.4 million, up from $48.2 million in fiscal 2011. Fourth quarter one-off items, however, resulted in fiscal 2012 adjusted net income of $42.2 million, down 14.7% from the adjusted net income of 2011.

Hhgregg reported net income of $53.6 million for the fourth quarter of its 2012 fiscal year, which ended March 31, 2012, and is up from $14.6 million for the fourth quarter of fiscal 2011. After one-off charges, however, adjusted net income was $14.5 million, down 9.1% decrease from 3Q 2011 adjusted net income.

"Our fourth quarter results were driven by solid market share gains in the appliance and home office categories, offset by continued headwinds in the video category," said President and CEO Dennis May. "Through the launch of a number of strategic initiatives earlier this year, we continue to strengthen our positioning in appliances, expand our assortments in home office products and build our mobile business."

The retailer added a net 35 stores in fiscal 2012 and plans another 20-22 in 2013. Comparable stores sales were down 1.1% from the previous fiscal year.

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