Home Among HHGregg Categories That Suffer Q3 Slip

For the third fiscal quarter ended December 31, hhgregg, Inc. estimated that net sales were $666 million, a decrease of approximately 6%. The retailer estimated that third fiscal quarter comparable store sales declined approximately 6%.

By category, hhgregg stated that the appliance category was flat, the consumer electronics category was down 4%, the home products category was down 9%, and the computer and tablet category was estimated to be down 35%.

On a positive note, the company estimated that its e-commerce business comparable sales gained 59% from the fiscal third quarter of last year.

Dennis May, hhgregg president and CEO, in announcing the results, said, “The company continues to execute on its strategic initiatives focused on transforming our sales mix. The company has made progress improving on our previous quarters’ sales trends, in particular in the consumer electronics and appliance business. We are pleased with our market share numbers in 4k ultra-high definition televisions along with the progress we are making in the appliance category. The computer and tablet industry continues to be negatively impacted by declining consumer demand. Additionally, we made a decision not to participate in certain areas of the computer and tablet business that were not profitable. The company remains active in executing our transformation strategies, and we are confident in our ability to make meaningful improvements in the coming fiscal year.”