Retailer hhgregg: Appliances Help Drive 1Q Sales Increase
Aug 28, 2013
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Appliance and home electronics retailer hhgregg, Inc. reported that quarterly net sales were up 7.2% to $524.9 million, from $489.9 million in the same quarter of the previous year, thanks largely to increases in home appliance sales. The company also added 18 stores in the last 12 months.
In the first quarter of its current fiscal year, comparable store sales were up 0.8% compared to the same quarter in the previous year.
The company reported a net loss of $1.3 million in the quarter, which ended June 30, 2013, compared with a net loss of $5.7 million, in the same quarter of the previous year.
President and CEO Dennis May said the company was pleased with the early results and consumer feedback on new product lines introduced in its stores, and the company plans to keep expanding and refining these categories.
Appliances accounted for 52% of the retailer's sales in the most recent quarter, up from 49% in the same quarter of the previous year.
Consumer electronics sales accounted for 34% of sales, down from 40%. Computing and wireless accounted for 9%, unchanged from the same quarter in the previous year. Home products (a segment primarily consisting of fitness equipment, furniture and mattresses) accounted for 5% of sales, up from 2%.
Comparable store sales in the most recent quarter:
* appliances: up 7.5%
* consumer electronics: down 15.0%
* computing and wireless: up 13.2%
* home products: up 84.5%
hhgregg currently operates 228 stores in the United States.
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