hhgregg Posts $86.9 Million Loss
hhgregg in the most recent quarter swung to a loss of $86.9 million, after posting a $5 million profit the same time the year before.
The chain posted revenue of $665.6 million, a 5.9 percent decrease.
"The Company continues to execute on its strategic initiatives focused on transforming our business model," CEO Dennis May said in a statement. "The Company has made progress improving on our previous quarters' sales trends, in particular in the consumer electronics and appliance businesses. Despite these improvements in our core categories, we are committed to increasing the rate of progress in improving the overall sales and profit trends in the business."