hhgregg Posts a Smaller Loss
hhgregg this week posted a loss of $1.3 million for the most recent quarter. The retailer had posted a $5.7 million loss the same time the year before.
The company attributed the decrease to "a comparable store sales increase of 0.8%, a decrease in SG&A as a percentage of net sales and a decrease in net advertising expense as a percentage of net sales."
“We are pleased with the early results and consumer feedback on the new product assortments that we have introduced and will continue to expand and refine these category additions throughout the coming year," CEO Dennis May said in a statement. "We remain committed to improving productivity levels across our existing store base and are pleased with the early progress on our strategic initiatives to not only reshape our sales mix, but to expand our customer base and enhance our service offerings.