hhgregg Posts Loss
hhgregg Thursday posted a loss of $5.7 million for the most recent quarter, compared with a $0.8 million loss the same time the year before. The retailer, which reported a comparable store sales decrease of 5.1 percent, had issued a preliminary forecast last month.
"As we announced in our pre-release, our first fiscal quarter proved to be more challenging than anticipated with sales and earnings coming in below our original expectations," CEO Dennis May said as part of the announcement.
"We reacted to the sales shortfall by making adjustments to our cost structure. We expect subsequent quarters to benefit from our cost cutting measures. We are looking at new ways to enhance our store sales productivity through the testing of new products and merchandise that leverage our consultative sales force, delivery and installation network and private label consumer credit card offering."