hhgregg Profit Up, Forecast Down
CE retailer hhgregg Tuesday reported a quarterly profit of 34 percent. However, the company said it expects a decline in same-store sales, leading to a lower-than-expected yearly earnings forecast.
The company reported a $13.9 million profit, up from $10.3 million the same time the year before.
"We are pleased with our fourth quarter performance and our ability to adjust our business execution around what proved to be both a challenging and opportunistic quarter," the company's President, COO, and incoming CEO, Dennis May, said as part of the announcement. "While the weak economic environment continued to weigh on consumer demand and spending levels, the closure of [Circuit City] also led to some unique buying opportunities and market share increases for the Company."