Appliances and electronics retail chain hhgregg, Inc., reported that comparable store sales of Appliances were up 6.1% in the third quarter of its current fiscal year (compared to the third quarter of its previous fiscal year). Appliances comps were up 6.8% in the first nine months of the fiscal year. The third quarter of the fiscal year ended Dec. 21, 2012.
While appliances were up, video products dragged results down. The retailer said it would continue to shift its focus away from video products and increasingly to appliances
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hhgregg Launches Price-Matching
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hhgregg this week became the latest retailer to offer price-matching, with its Price Match Guarantee. The company "will match competitors’ lowest advertised prices on in-stock merchandise of the same make and model," hhgregg said. The offer is not limited to specific competitors.
hhgregg Profit Drops on Video Weakness
January 31, 2013
hhgregg Thursday reported a third quarter profit of $17.4 million, a 23 percent decrease from the same time last year, on sales that dropped 4 percent.
“As we announced in our pre-release, the difficult industry-wide video category trends presented a challenge to our sales and earnings," CEO Dennis May said as part of the announcement.