hhgregg Reports Higher Sales
Nov 3, 2011
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U.S. appliance retailer hhgregg, Inc., said net sales increased 28.6% to $618.6 million in the second quarter of its fiscal year. Comparable store sales increased 1.5%. Net income in the second quarter was $6.0 million, up from $3.9 million in the second quarter of the previous year, which was helped by the increase in comparable store sales as well as by the addition of 35 stores in the past year.

A decrease in net income for the first six months of the year was reported, however, from $6.7 million in the first six months of the previous year to $5.3 million in the current year.

Appliances accounted for 42% of hhgregg's net sales of net sales mix in the first six months of 2011, compared to 41% in the first six months of 2010.

Video accounted for 40% of the sales mix in the first half of 2011, compared to 42% in the first half of 2010.

Home Office (a category consisting primarily of computers, mobile phones and tablets) accounted for 7% of the sales mix in the first half of 2011, compared to 5% in the first half of 2010.

Other products (a category consisting primarily of audio, furniture and accessories, mattresses, and personal electronics) accounted for 11% of the sales mix in the first half of 2011, compared to 12% in the first half of 2010.

The retailer said its appliance category saw both increased demand and an increase in average selling prices, driven largely by its efforts to capture more market share and outpace the marketplace in terms of comparable store sales growth.

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