hhgregg Has Another "Challenging" Quarter
hhgregg announced that it posted a loss of $25.2 million in the quarter ended March 31, compared with a $7.2 million loss the same time last year.
Net sales dropped 9.8 percent and comparable store sales fell 10 percent.
“Our fourth quarter results were challenging," CEO Dennis May said in a statement. "However, I am pleased with the significant progress we have made on our transformational efforts. Our top fiscal 2016 initiatives are centered on improving our cost structure through the optimization of our marketing dollars, the reduction of our operating expenses and more efficiently managing our working capital, along with reversing our negative sales trends.”