Profit Drop For hhgregg
hhgregg Wednesday reported a third quarter profit of $22.5 million, a drop from the $26.9 million figure the same period the year before. The company attributed the performance to lower margins and increased spending on advertising.
Sales in the quarter rose 26.9 percent to $829.5 million.
"While pleased with our overall comparable store sales increase of 3.9% and market share gains during the third fiscal quarter, we were disappointed with the macro trends across the video category," CEO Dennis May said in a statement.