Sales Rise at hhgregg
hhgregg Wednesday announced that according to preliminary financial results, the Indiana-based retailer saw a 13 percent increase in same-store sales in the quarter ended March 31.
The official earnings will be released in June. The company also raised its forecast for the year.
"Our very strong preliminary fourth quarter results were driven by better than expected performance in sales, gross margin and expense leverage," the company's COO and CEO-designate, Dennis May, said as part of the announcement. The closure of a major competitor led to a pick-up in traffic and strong buying opportunities. In addition, our cost savings, inventory management and working capital initiatives drove higher operating efficiencies throughout the quarter.