hhgregg Profit Drops on Video WeaknessJanuary 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.
"With the continued growth of our appliance business and the introduction of new categories, such as furniture and home fitness, we continue to reduce our reliance on both the video category and innovation in consumer electronics.
"Over time, we plan to continue to refine our mix towards large consumer home products, which include a greater mix of appliances, furniture, fitness equipment and other home products that leverage our consultative sales force