hhgregg Profit Down SlightlyOctober 31, 2013
hhgregg said this week that it reported a $3.7 million profit in the quarter that ended Sept. 30. The retailer reported a $3.8 million profit the same period last year.
The company attributed the drop to a comparable store sales decrease of 6.2 percent.
“Though we continue to see headwinds in our consumer electronics business, we are pleased with our ninth consecutive quarter of comparable store sales increases in the appliance category," CEO Dennis May said as part of the announcement.
"Additionally, we are pleased with the completion of our sales floor reset and the progress made with our other initiatives aimed at the long term success of transforming our retail strategy. We have continued to make investments in our business, including the expansion of our consumer credit capabilities, with a seamless secondary credit option, and enhancements to our website.