UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form 8-K
 
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2015
 
 
 
hhgregg, Inc.
(Exact name of registrant as specified in its charter)
 
 
 

Commission File Number: 001-33600
 
 
 
 
Indiana
 
47-4850538
(State or other jurisdiction
of incorporation)
 
(IRS Employer
Identification No.)
4151 East 96th Street
Indianapolis, Indiana 46240
(Address of principal executive offices, including zip code)
(317) 848-8710
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02.
Results of Operations and Financial Condition
On November 5, 2015, hhgregg, Inc. (the “Company” or “hhgregg”) issued a press release announcing its results for the three and six months ended September 30, 2015. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this item.
The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01.
Financial Statements and Exhibits
 
Exhibit No.
  
Description
99.1
  
Press release of hhgregg, Inc. dated November 5, 2015.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
hhgregg, Inc.
 
 
 
Date: November 5, 2015
 
 
By:
/s/ Robert J. Riesbeck
 
 
 
 
Robert J. Riesbeck
 
 
 
 
Chief Financial Officer






Exhibit Index
 
Exhibit No.
  
Description
99.1
  
Press release of hhgregg, Inc. dated November 5, 2015.






Exhibit 99.1
hhgregg Announces Second Fiscal Quarter Operating Results
INDIANAPOLIS, November 5, 2015 - hhgregg, Inc. (NYSE: HGG) ("hhgregg" or the "Company") today announced operating results for the second quarter ended September 30, 2015 as compared to the second quarter ended September 30, 2014.
Second Quarter Summary
 
Net sales decreased 3.8% to $487 million compared to prior year second quarter, but improved by 280 basis points as compared to the first quarter of fiscal 2016.
Comparable store sales decreased 3.5% compared to the prior year second quarter, but improved by 280 basis points as compared to the first quarter of fiscal 2016.
21.9% increase in comparable sales on the e-commerce site for the second quarter
Gross margin decreased to 28.5% compared to 29.1% in the prior year second quarter
Net loss per diluted share was $0.37 which did not include an income tax benefit. In prior year second quarter, net loss per diluted share was $0.37 which included a $0.22 benefit related to income taxes.
EBITDA improved to $(1.1) million compared to $(5.1) million in the prior year second quarter
Dennis May, President and Chief Executive Officer, commented, “We remain on track to meet or exceed our three key financial objectives for the year, which are focused on driving improvements for comparable store sales, cost savings and positive EBITDA for the fiscal year. We were pleased with the continued traction in our net sales during the second quarter driven by delivering on our fiscal 2016 revenue generation initiatives. In addition, we have continued our cost savings efforts and remain on track to meet our plan to save $50 million in fiscal 2016. The steady progress we have made with our transformation plan has positioned our company well as we embark on the holiday season."
 

  
 
Three Months Ended
 
Six Months Ended
 
 
September 30,
 
September 30,
(unaudited, amounts in thousands, except share and per share data)
 
2015
 
2014
 
2015
 
2014
Net sales
 
$
486,876

 
$
505,862

 
$
927,939

 
$
978,154

Net sales % decrease
 
(3.8
)%
 
(11.0
)%
 
(5.1
)%
 
(10.5
)%
Comparable store sales % decrease (1)
 
(3.5
)%
 
(11.4
)%
 
(4.8
)%
 
(10.9
)%
Gross profit as a % of net sales
 
28.5
 %
 
29.1
 %
 
29.4
 %
 
29.4
 %
SG&A as a % of net sales
 
23.3
 %
 
23.5
 %
 
24.2
 %
 
24.1
 %
Net advertising expense as a % of net sales
 
5.4
 %
 
6.5
 %
 
5.3
 %
 
6.2
 %
Depreciation and amortization expense as a % of net sales
 
1.7
 %
 
2.1
 %
 
1.8
 %
 
2.2
 %
Loss from operations as a % of net sales
 
(1.9
)%
 
(3.2
)%
 
(1.9
)%
 
(3.1
)%
Net interest expense as a % of net sales
 
0.1
 %
 
0.1
 %
 
0.1
 %
 
0.1
 %
Income tax expense as a % of net sales
 
 %
 
(1.2
)%
 
 %
 
(1.1
)%
Net loss
 
$
(10,126
)
 
$
(10,384
)
 
$
(18,881
)
 
$
(20,653
)
Net loss per diluted share
 
$
(0.37
)
 
$
(0.37
)
 
$
(0.68
)
 
$
(0.73
)
EBITDA
 
$
(1,088
)
 
$
(5,116
)
 
(889
)
 
(8,590
)
Weighted average shares outstanding—diluted
 
27,707,978

 
28,394,164

 
27,694,169

 
28,419,417

Number of stores open at the end of period
 
227

 
228

 
 
 
 
 
(1) 
Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site.

 






HIGHLIGHTS FOR THE SECOND QUARTER
Revenue Highlights
The Company's net sales performance in the quarter was driven primarily by a comparable store sales decline, although the Company’s second quarter of fiscal 2016 comparable store sales in appliances, consumer electronics and computers and tablets categories were improved compared to the first quarter of fiscal 2016 comparable store sales in these categories. Net sales mix and comparable store sales percentage changes by product category for the three and six month periods ended September 30, 2015 and 2014 were as follows:
 
 
Net Sales Mix Summary
 
Comparable Store Sales Summary
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Appliances
 
56
%
 
53
%
 
57
%
 
55
%
 
0.8
 %
 
(5.8
)%
 
(0.7
)%
 
(3.9
)%
Consumer electronics (1)
 
33
%
 
34
%
 
32
%
 
33
%
 
(6.3
)%
 
(16.0
)%
 
(7.2
)%
 
(17.2
)%
Home products (2)
 
6
%
 
6
%
 
6
%
 
5
%
 
4.4
 %
 
5.0
 %
 
7.8
 %
 
2.5
 %
Computers and tablets
 
5
%
 
7
%
 
5
%
 
7
%
 
(29.8
)%
 
(33.7
)%
 
(35.9
)%
 
(31.6
)%
Total
 
100
%
 
100
%
 
100
%
 
100
%
 
(3.5
)%
 
(11.4
)%
 
(4.8
)%
 
(10.9
)%
 
(1) 
Primarily consists of televisions, audio, personal electronics and accessories.
(2) 
Primarily consists of furniture and mattresses.

The Company's comparable store sales drivers for the three months ended September 30, 2015 are summarized below:

 
 
Comparable Store Sales
 
Comparable Store Sales Excluding Mobile and Fitness

 
Average Selling Price
 
Sales Unit Volume
Appliances
 
0.8
 %
 
0.8
 %
 
Increase
 
Decrease
Consumer electronics (1)
 
(6.3
)%
 
(6.3
)%
 
Increase
 
Decrease
Home products (2)
 
4.4
 %
 
7.0
 %
 
Decrease
 
Increase
Computers and tablets
 
(29.8
)%
 
(29.5
)%
 
Decrease
 
Decrease
Total
 
(3.5
)%
 
(3.3
)%
 
 
 
 

(1) 
Primarily consists of televisions, audio, personal electronics and accessories.
(2) 
Primarily consists of furniture and mattresses.

Gross Margin Highlights
The Company's gross profit margin, expressed as gross profit as a percentage of net sales, decreased 59 basis points for the three month period ended September 30, 2015 to 28.5% from 29.1% for the comparable prior year period.
The Company's decrease in gross profit margin for the period was primarily a result of lower gross profit margin rates in all categories except home products, partially offset by a favorable product sales mix to categories with higher gross margin rates.









Cost Structure Highlights
The Company continues to manage its cost structure to align with its expected sales levels and to keep the Company positioned for EBITDA growth.
During the second quarter, hhgregg realized $16.1 million of its expected $50 million of annual cost savings for fiscal 2016. For the first six months of fiscal 2016, the Company realized $27.2 million of the targeted $50 million projected annual cost savings. This has partially been offset by the increased fees associated with customer financing described below.
The decrease in advertising expense of $6.8 million was due to a reduction of gross advertising spend primarily driven by reductions in print media along with rebalancing of spending among the more efficient advertising mediums.
The decrease in SG&A as a percentage of net sales to 23.3% from 23.5% for the comparable prior year period was a result of:
105 basis points decrease, or $6.9 million, in wages due to our continuing effort to drive efficiencies in the Company's labor structure; and
24 basis points decrease, or $1.8 million, in delivery services due to efficiencies in routing and lower fuel prices.
These decreases were partially offset by:
a 79 basis points increase, or $3.7 million, in fees associated with higher cost customer financing options and higher private label credit card penetration.

Income Taxes Highlights
During the second quarter fiscal 2016 the Company did not record an income tax expense or benefit due to its full income tax valuation allowance. For the three months ended September 30, 2014, the Company recorded a $6.2 million income tax benefit, or $0.22 per diluted shared, due to its pre-tax loss.

Teleconference and Webcast
hhgregg will be conducting a conference call to discuss operating results for the three months ended September 30, 2015, on Thursday, November 5, 2015 at 9:00 a.m. (Eastern Time). Our call will be hosted by Dennis May, our President and CEO, Robert Riesbeck, our CFO, and Lance Peterson, our Director of Finance & Investor Relations.
Interested investors and other parties may listen to a simultaneous webcast of the conference call by logging onto hhgregg’s website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877) 304-8963. Callers should reference the hhgregg earnings call.

About hhgregg
hhgregg is an appliance, electronics and furniture retailer that is committed to providing customers with a truly differentiated purchase experience through superior customer service, knowledgeable sales associates and the highest quality product selections. Founded in 1955, hhgregg is a multi-regional retailer currently with 227 stores in 20 states that also offers market-leading global and local brands at value prices nationwide via hhgregg.com.
Forward Looking Statements
The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release includes forward-looking statements, including with respect to the Company’s financial performance, ability to manage costs, ability to execute the Company's 2016 initiatives, innovation in the video industry, the impact and amount of non-cash charges, and shifts in the Company’s sales mix. hhgregg has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While hhgregg believes these expectations, assumptions, estimates and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and





uncertainties, many of which are beyond its control. These and other important factors may cause hhgregg’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the key factors that could cause actual results to differ from hhgregg’s expectations are: the ability to successfully execute its strategies and initiatives, particularly in the sales mix shift and consumer electronics category; its ability to maintain a positive brand perception and recognition; the failure of manufacturers to introduce new products and technologies; competition in existing, adjacent and new metropolitan markets; its ability to maintain the security of customer, associate and Company information; its ability to roll out new financing offers to customers; its ability to effectively manage and monitor its operations, costs and service quality; its ability to maintain and upgrade its information technology systems; its ability to maintain and develop multi-channel sales and marketing strategies; competition from internet retailers; its ability to meet delivery schedules; the effect of general and regional economic and employment conditions on its net sales; its ability to attract and retain qualified sales personnel; its ability to meet financial performance guidance; its ability to generate sufficient cash flows to recover the fair value of long-lived assets and recognize deferred tax assets; its reliance on a small number of suppliers; its ability to negotiate with its suppliers to provide product on a timely basis at competitive prices; changes in legal and/or trade regulations, currency fluctuations and prevailing interest rates and the potential for litigation.

Other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K filed May 15, 2015. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. hhgregg does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any of these statements to reflect future events or developments.
 
 
 
Contact:
Lance Peterson, Director, Finance & Investor Relations
 
investorrelations@hhgregg.com
 
(317) 848-8710






HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
Three Months Ended
 
Six Months Ended
 
September 30,
2015
 
September 30,
2014
 
September 30,
2015
 
September 30,
2014
 
(In thousands, except share and per share data)
Net sales
$
486,876

 
$
505,862

 
$
927,939

 
$
978,154

Cost of goods sold
348,231

 
358,817

 
654,937

 
690,770

Gross profit
138,645

 
147,045

 
273,002

 
287,384

Selling, general and administrative expenses
113,479

 
119,112

 
224,583

 
235,701

Net advertising expense
26,254

 
33,049

 
49,308

 
60,273

Depreciation and amortization expense
8,391

 
10,823

 
16,760

 
21,298

Loss from operations
(9,479
)
 
(15,939
)
 
(17,649
)
 
(29,888
)
Other expense (income):
 
 
 
 
 
 
 
Interest expense
649

 
678

 
1,239

 
1,307

Interest income
(2
)
 
(2
)
 
(7
)
 
(7
)
Total other expense
647

 
676

 
1,232

 
1,300

Loss before income taxes
(10,126
)
 
(16,615
)
 
(18,881
)
 
(31,188
)
Income tax benefit

 
(6,231
)
 

 
(10,535
)
Net loss
$
(10,126
)
 
$
(10,384
)
 
$
(18,881
)
 
$
(20,653
)
Net loss per share
 
 
 
 
 
 
 
Basic and diluted
$
(0.37
)
 
$
(0.37
)
 
$
(0.68
)
 
$
(0.73
)
Weighted average shares outstanding-basic and diluted
27,707,978

 
28,394,164

 
27,694,169

 
28,419,417

HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED) 
 
 
Three Months Ended
 
Six Months Ended
 
 
September 30, 2015
 
September 30, 2014
 
September 30,
2015
 
September 30,
2014
Net sales
 
100.0
%
 
100.0
%
 
100.0
 %
 
100.0
%
Cost of goods sold
 
71.5

 
70.9

 
70.6

 
70.6

Gross profit
 
28.5

 
29.1

 
29.4

 
29.4

Selling, general and administrative expenses
 
23.3

 
23.5

 
24.2

 
24.1

Net advertising expense
 
5.4

 
6.5

 
5.3

 
6.2

Depreciation and amortization expense
 
1.7

 
2.1

 
1.8

 
2.2

Loss from operations
 
(1.9
)
 
(3.2
)
 
(1.9
)
 
(3.1
)
Other expense (income):
 
 
 
 
 
 
 
 
Interest expense
 
0.1

 
0.1

 
0.1

 
0.1

Interest income
 

 

 

 

Total other expense
 
0.1

 
0.1

 
0.1

 
0.1

Loss before income taxes
 
(2.1
)
 
(3.3
)
 
(2.0
)
 
(3.2
)
Income tax benefit
 

 
(1.2
)
 

 
(1.1
)
Net loss
 
(2.1
)
 
(2.1
)
 
(2.0
)
 
(2.1
)
Certain percentage amounts do not sum due to rounding






HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2015, MARCH 31, 2015 AND SEPTEMBER 30, 2014
(UNAUDITED)
 
 
September 30, 2015
 
March 31,
2015
 
September 30, 2014
 
 
(In thousands, except share data)
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 
$
34,877

 
$
30,401

 
$
40,557

Accounts receivable—trade, less allowances of $5, $19 and $106 as of September 30, 2015, March 31, 2015 and September 30, 2014, respectively
 
11,556

 
11,901

 
15,450

Accounts receivable—other
 
14,383

 
16,715

 
17,922

Merchandise inventories, net
 
288,690

 
257,469

 
335,699

Prepaid expenses and other current assets
 
5,381

 
6,581

 
6,745

Income tax receivable
 
706

 
5,326

 
9,724

Total current assets
 
355,593

 
328,393

 
426,097

Net property and equipment
 
118,463

 
128,107

 
183,326

Deferred financing costs, net
 
1,526

 
1,796

 
2,065

Deferred income taxes
 
7,816

 
6,489

 
45,463

Other assets
 
2,905

 
2,844

 
2,431

Total long-term assets
 
130,710

 
139,236

 
233,285

Total assets
 
$
486,303

 
$
467,629

 
$
659,382

Liabilities and Stockholders’ Equity
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
Accounts payable
 
$
143,840

 
$
112,143

 
$
185,026

Customer deposits
 
50,851

 
48,742

 
48,806

Accrued liabilities
 
52,454

 
46,723

 
51,375

Deferred income taxes
 
7,816

 
6,489

 
4,531

Total current liabilities
 
254,961

 
214,097

 
289,738

Long-term liabilities:
 
 
 
 
 
 
Deferred rent
 
63,887

 
67,935

 
70,330

Other long-term liabilities
 
11,128

 
12,009

 
11,389

Total long-term liabilities
 
75,015

 
79,944

 
81,719

Total liabilities
 
329,976

 
294,041

 
371,457

Stockholders’ equity:
 
 
 
 
 
 
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2015, March 31, 2015 and September 30, 2014, respectively
 

 

 

Common stock, par value $.0001; 150,000,000 shares authorized; 41,204,660, 41,161,753 and 41,158,041 shares issued; and 27,707,978, 27,665,071 and 28,394,164 outstanding as of September 30, 2015, March 31, 2015, and September 30, 2014, respectively
 
4

 
4

 
4

Additional paid-in capital
 
303,300

 
301,680

 
299,619

Retained earnings
 
3,251

 
22,132

 
134,225

Common stock held in treasury at cost 13,496,682, 13,496,682 and 12,763,877 shares as of September 30, 2015, March 31, 2015, and September 30, 2014, respectively
 
(150,228
)
 
(150,228
)
 
(145,923
)
Total stockholders’ equity
 
156,327

 
173,588

 
287,925

Total liabilities and stockholders’ equity
 
$
486,303

 
$
467,629

 
$
659,382








HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED SEPTEMBER 30, 2015 AND 2014
(UNAUDITED)
 
 
Six Months Ended
 
September 30, 2015
 
September 30, 2014
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net loss
$
(18,881
)
 
$
(20,653
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
16,760

 
21,298

Amortization of deferred financing costs
270

 
269

Stock-based compensation
1,684

 
2,547

Gain on sales of property and equipment
52

 
166

Deferred income taxes

 
470

Tenant allowances received from landlords
721

 
306

Changes in operating assets and liabilities:
 
 
 
Accounts receivable—trade
345

 
(329
)
Accounts receivable—other
1,631

 
(1,262
)
Merchandise inventories
(31,221
)
 
(37,157
)
Income tax receivable
4,620

 
(8,344
)
Prepaid expenses and other assets
1,217

 
(121
)
Accounts payable
29,461

 
30,350

Customer deposits
2,109

 
7,288

Income tax payable

 
(122
)
Accrued liabilities
5,667

 
350

Deferred rent
(4,068
)
 
(3,662
)
Other long-term liabilities
(747
)
 
(469
)
Net cash provided by (used in) operating activities
9,620

 
(9,075
)
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(8,118
)
 
(11,059
)
Proceeds from sales of property and equipment
62

 
43

Purchases of corporate-owned life insurance
(78
)
 
(384
)
Net cash used in investing activities
(8,134
)
 
(11,400
)
Cash flows from financing activities:
 
 
 
Purchases of treasury stock

 
(976
)
Net borrowings on inventory financing facility
2,990

 
13,844

Net cash provided by financing activities
2,990

 
12,868

Net increase (decrease) in cash and cash equivalents
4,476

 
(7,607
)
Cash and cash equivalents
 
 
 
Beginning of period
30,401

 
48,164

End of period
$
34,877

 
$
40,557

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
966

 
$
552

Income taxes received
$
(4,600
)
 
$
(2,510
)
Capital expenditures included in accounts payable
$
655

 
$
1,094






HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF EBITDA
(UNAUDITED)
 
Three Months Ended
 
Six Months Ended
 
(Amounts in thousands)
September 30,
2015
 
September 30,
2014
 
September 30,
2015
 
September 30,
2014
 
 
 
 
 
 
 
 
 
 
Net loss as reported
$
(10,126
)
 
$
(10,384
)
 
$
(18,881
)
 
$
(20,653
)
 
Adjustments:
 
 
 
 
 
 
 
 
Depreciation and amortization
8,391

 
10,823

 
16,760

 
21,298

 
Interest expense, net
647

 
676

 
1,232

 
1,300

 
Income tax expense (benefit)

 
(6,231
)
 

 
(10,535
)
 
EBITDA
$
(1,088
)
 
$
(5,116
)
 
$
(889
)
 
$
(8,590
)
 

EBITDA represents net loss before income tax expense (benefit), interest income, interest expense, depreciation and amortization. The Company has presented EBITDA because it considers it an important supplemental measure of its performance and believe it is frequently used by analysts, investors and other interested parties in the evaluation of companies in its industry. Management uses EBITDA as a measurement tool for evaluating its actual operating performance compared to budget and prior periods. EBITDA is not a measure of performance under generally accepted accounting principles (GAAP) and should not be considered as a substitute for net loss prepared in accordance with GAAP. EBITDA has limitations as an analytical tool, and you should not consider these in isolation or as a substitute for analysis of the Company's results as reported under GAAP.

Some of the limitations of EBITDA measures are:
 
EBITDA does not reflect the Company's cash expenditures, or future requirements, for capital expenditures or contractual commitments;
EBITDA does not reflect interest expense or the cash requirements necessary to service interest payments on the Company's debt;
EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and
Although depreciation and amortization are non-cash charges, the asset being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements.

The Company compensates for these limitations by relying primarily on its GAAP results and using EBITDA only as a supplement.





HHGREGG, INC. AND SUBSIDIARIES
Store Count by Quarter for Fiscal Years 2014, 2015 and 2016
(Unaudited)
 
 
FY2014
 
FY2015
 
FY2016
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
 
Q3
 
Q4
 
Q1
 
Q2
Beginning Store Count
228

 
228

 
228

 
228

 
228

 
229

 
228

 
228

 
228

 
227

Store Openings

 

 

 

 
1

 

 

 

 
1

 

Store Closings

 

 

 

 

 
(1
)
 

 

 
(2
)
 

Ending Store Count
228

 
228

 
228

 
228

 
229

 
228

 
228

 
228

 
227

 
227

Note: hhgregg, Inc.’s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.



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