hhgregg Swings to Loss, Sales Plunge
hhgregg reported Thursday that it posted a loss of $10.4 million, compared to a profit of $3.7 million the same time last year. The chain reported that sales dropped 11 percent.
“Our quarterly results continue to reflect the challenges and volatility inherent to our business and the consumer electronics category," CEO Dennis May said as part of the earnings release.
"While we have made progress in repositioning our merchandise offering towards appliances and other home products, this transition is ongoing. We will continue to make investments in our infrastructure and merchandising initiatives in future quarters and we believe we are well positioned to monetize on the investments made in the first half of the year during the holiday selling period and beyond."