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hhgregg Posts $10.3 Million Loss

July 31, 2014
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hhgregg Thursday proclaimed itself "not satisfied" with its performance, after posting a $10.3 million loss for the first quarter. The number was compared to  loss of $1.3 million the same time the year before.

Over the period, net sales decreased 10 percent.

"While we expected the first quarter to be challenging given the difficult comparison to the prior year, we are not satisfied with our recent results," CEO Dennis May said as part of the announcement.

" We recognize the importance of balancing near-term results with long-term investments to transform the business. Therefore we will continue to invest in our strategic initiatives to reposition the business around a broader assortment of home products.

 
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