hhgregg Profit Plunges
hhgregg Monday posted a $9.9 million profit for its fourth quarter, a big drop from the $53.6 million profit it posted the same quarter a year ago. The performance was ahead of analyst expectations, however.
Sales declined 2.6 percent year over year.
“We are very pleased with the progress we made throughout the quarter in appliances and the continued launch for new categories,” CEO Dennis May said on the earnings call, according to a Seeking Alpha transcript. “However, we experienced challenging trends within consumer electronics, specifically the video category.