hhgregg Profit Down

hhgregg Friday announced a quarterly profit of $3.8 million, a 38 percent drop from the same time last year.

Our sales performance during the quarter was negatively impacted by a continued pressure in the video industry and fell below our expectations,” CEO Dennis May said on a conference call (according to the Seeeking Alpha transcript.)

“In the video category, we saw comparable store sales decline 20.5% as we were pressured by both industry headwinds and the impact of our strategy to focus less on opening price points and smaller screen sizes.”

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