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hhgregg Sales Figures Mixed

January 7, 2011
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hhgregg's third-quarter sales jumped more than 30 percent, according to preliminary figures released Thursday, although comparable-store sales dropped and the company expressed disappointment with the performance of the video category.

The difference between the 30.6 percent increase in overall sales and 6.2 percent decrease in comparable-sale stores can be attributed to the company's massive expansion in the last year.

“While we are pleased with our overall sales and market share gains in the video category, our mix of video product was different than our expectations going into the holiday selling season," CEO Dennis May said in a statement. "Industry sales from newer technologies like LED and 3D TV increased less than expected, and our mix of entry point televisions was higher than anticipated which negatively impacted our merchandise gross margin.”

 

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