hhgregg, Inc. (NYSE:HGG) ("hhgregg" or the "Company") today
announced operating results for the third quarter ended
December 31, 2015 as compared to the third quarter ended
December 31, 2014.
Third Quarter
Summary
- Net sales decreased 10.9% to $593
million compared to prior year third quarter.
- Comparable store sales decreased
10.8% compared to the prior year third quarter.
- Gross margin decreased to 26.1%
compared to 27.0% in the prior year third quarter
- Net loss per diluted share was
$0.97. Net loss per diluted share, as adjusted, was $0.17. In the
prior year third quarter, net loss per diluted share was $3.10 and
net loss per diluted share, as adjusted, was $0.18.
- Adjusted EBITDA was $4.3 million
compared to $8.0 million in the prior year third quarter.
Dennis May, President and Chief Executive Officer, commented,
“As we previously reported, we did not meet our overall
expectations for the quarter due to the competitive pressures in
the market, but continue to see the impact from our strategic
investments in our transformation plan. Year to date we have
now realized $48.9 million of cost savings and remain on track to
meet or exceed our plan to save $50 million in fiscal 2016. These
cost savings efforts have allowed us to generate $4.0 million more
of Adjusted EBITDA fiscal year to date compared to the comparable
prior year period and we remain confident we will generate positive
adjusted EBITDA for the fiscal year. We also continue to focus on
our revenue generation initiatives, specifically around Fine Lines
expansion, furniture growth and premium televisions, as we finish
fiscal 2016 and enter into fiscal 2017. "
Three Months Ended Nine
Months Ended December 31, December 31,
(unaudited, amounts in thousands, except share and per share data)
2015 2014 2015
2014 Net sales $ 593,219 $ 665,616 $ 1,521,158 $
1,643,771 Net sales % decrease (10.9 )% (5.9 )% (7.5 )% (8.7 )%
Comparable store sales % decrease (1) (10.8 )% (6.3 )% (7.3 )% (9.1
)% Gross profit as a % of net sales 26.1 % 27.0 % 28.1 % 28.4 %
SG&A as a % of net sales 19.6 % 19.9 % 22.4 % 22.4 % Net
advertising expense as a % of net sales 5.8 % 5.8 % 5.5 % 6.0 %
Depreciation and amortization expense as a % of net sales 1.4 % 1.5
% 1.7 % 1.9 % Asset impairment charges as a % of net sales 3.5 %
6.5 % 1.4 % 2.6 % Loss from operations as a % of net sales (4.2 )%
(6.8 )% (2.8 )% (4.6 )% Net interest expense as a % of net sales
0.1 % 0.1 % 0.1 % 0.1 % Income tax expense as a % of net sales 0.2
% 6.2 % 0.1 % 1.9 % Net loss $ (26,913 ) $ (86,865 ) $ (45,794 ) $
(107,518 ) Net loss per diluted share $ (0.97 ) $ (3.10 ) $ (1.65 )
$ (3.80 ) Net loss per diluted share, as adjusted (2) $ (0.17 ) $
(0.18 ) $ (0.85 ) $ (0.91 ) Adjusted EBITDA $ 4,329 $ 8,024 3,440
(566 ) Weighted average shares outstanding—diluted 27,707,978
28,008,808 27,698,789 28,282,050 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.
(2)
Amounts are adjusted to exclude the impact
of establishing a valuation allowance for deferred tax assets,
fixed asset impairment charges and income tax charges in the
current period associated with the Internal Revenue Service's
settlement of a prior year tax matter. Amount is adjusted to
reflect the expense in the period settled. See the attached
reconciliation of non-GAAP measures to GAAP measures
HIGHLIGHTS FOR THE THIRD QUARTER
Revenue Highlights
The Company's net sales performance in the quarter was driven
primarily by a comparable store sales decline. Net sales mix and
comparable store sales percentage changes by product category for
the three and nine month periods ended December 31, 2015 and
2014 were as follows:
Net Sales Mix Summary
Comparable Store Sales Summary
Three Months Ended
December 31
Nine Months Ended
December 31
Three Months Ended
December 31
Nine Months Ended
December 31
2015 2014 2015 2014
2015 2014 2015 2014
Appliances 43 % 43 % 52 % 50 % (10.4 )% (0.1 )% (4.1 )% (2.6 )%
Consumer electronics (1) 46 % 44 % 37 % 37 % (7.9 )% (3.9 )% (7.5
)% (11.3 )% Home products (2) 5 % 5 % 6 % 5 % 3.3 % (9.2 )% 6.2 %
(2.0 )% Computers and tablets 6 % 8 % 5 % 8 % (35.2 )% (35.0 )%
(35.6 )% (33.2 )% Total 100 % 100 % 100 % 100 % (10.8 )% (6.3 )%
(7.3 )% (9.1 )%
(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 December 31, 2015 are summarized below:
Comparable
Store Sales
Average Selling Price Sales Unit Volume
Appliances (10.4 )% Decrease Decrease Consumer electronics (1) (7.9
)% Increase Decrease Home products (2) 3.3 % Increase Decrease
Computers and tablets (35.2 )% Decrease Decrease Total (10.8 )%
(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 83 basis points for the three
month period ended December 31, 2015 to 26.1% from 27.0% 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. The decrease in gross margin rates was
primarily driven by greater competition and a higher promotional
environment during the holiday period.
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 third quarter, hhgregg
realized $21.7 million of its expected $50 million of annual cost
savings for fiscal 2016. For the first nine months of fiscal 2016,
the Company realized $48.9 million of the targeted $50 million
projected annual cost savings. This has partially been offset by
$6.0 million of additional fees associated with customer financing
described below.
- The decrease in advertising expense of
$4.7 million for the third quarter was due to a reduction of gross
advertising spend primarily driven by reductions in print media
along with rebalancing of spending among more efficient advertising
mediums.
- The decrease in SG&A as a
percentage of net sales to 19.6% from 19.9% for the three month
comparable prior year period was a result of:
- 49 basis points decrease, or $8.6
million, in wages due to our continuing effort to drive
efficiencies in the Company's labor structure; and
- 36 basis points decrease, or $4.3
million, in delivery services due to efficiencies in routing and
lower fuel prices; and
- 22 basis points decrease, or $2.2
million, in employee benefits due to a reduction of medical
expenses and payroll taxes driven by the efficiencies in the
Company's labor structure; and
- 15 basis points decrease, or $1.1
million, due to the lapsing of consulting expenses to assist with
our transformation efforts in the prior year period.
These decreases were partially offset by:
- a 26 basis points increase, or $0.9
million, in fees associated with the higher cost of offering
customer extended months special financing options and the
increased use of the private label credit card; and
- a 72 basis point increase,or $0.9
million, increase in occupancy costs primarily due to increased
property tax rates.
Asset Impairment
Due to declining sales and overall pressure on profitability in
the third fiscal quarter the Company performed a detailed store
impairment analysis as of December 31, 2015. As a result of the
third quarter of fiscal 2016 impairment analysis, 40 locations with
an aggregate net book value of $21.7 million were reduced to an
estimated aggregate fair value of $0.8 million based on their
projected cash flows, discounted at 15%. This resulted in a
non-cash asset impairment charge of $20.9 million for the three
months ended December 31, 2015. The fair values were determined
using a probability based cash flow analysis based on management's
estimates of future store-level sales, gross margins, and direct
expenses.
Income Taxes
During the third quarter fiscal 2016 the Company recorded $1.3
million of income tax expense due to the settlement of an Internal
Revenue Service examination for a prior year. There was no income
tax expense or benefit recorded related to the current quarter
operations due to the Company's full valuation allowance that was
recorded in the prior year. For the three months ended
December 31, 2014, the Company recorded a $41.3 million income
tax expense, or $1.47 per diluted shared, due to recording a full
valuation allowance to reduce the net deferred tax assets to
zero.
Teleconference and Webcast
hhgregg will be conducting a conference call to discuss
operating results for the three months ended December 31,
2015, on Thursday, January 28, 2016 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 for fiscal year 2015
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.
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months
Ended December 31, 2015 December
31, 2014 December 31, 2015
December 31, 2014 (In thousands, except share and
per share data) Net sales $ 593,219 $ 665,616 $ 1,521,158 $
1,643,771 Cost of goods sold 438,189 486,114
1,093,126 1,176,885 Gross profit 155,030 179,502
428,032 466,886 Selling, general and administrative expenses
116,533 132,563 341,116 368,264 Net advertising expense 34,168
38,915 83,476 99,188 Depreciation and amortization expense 8,355
10,062 25,115 31,360 Asset impairment charges 20,910 42,987
20,910 42,987 Loss from operations (24,936 )
(45,025 ) (42,585 ) (74,913 ) Other expense (income): Interest
expense 727 615 1,966 1,922 Interest income (2 ) (47 ) (9 ) (54 )
Total other expense 725 568 1,957 1,868
Loss before income taxes (25,661 ) (45,593 ) (44,542 ) (76,781 )
Income tax expense 1,252 41,272 1,252 30,737
Net loss $ (26,913 ) $ (86,865 ) $ (45,794 ) $ (107,518 )
Net loss per share Basic and diluted $ (0.97 ) $ (3.10 ) $ (1.65 )
$ (3.80 ) Weighted average shares outstanding-basic and diluted
27,707,978 28,008,808 27,698,789 28,282,050
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)
Three Months Ended Nine
Months Ended
December 31,2015
December 31,2014
December 31, 2015 December
31, 2014 Net sales 100.0 % 100.0 % 100.0 %
100.0 % Cost of goods sold 73.9 73.0 71.9 71.6
Gross profit 26.1 27.0 28.1 28.4 Selling, general and
administrative expenses 19.6 19.9 22.4 22.4 Net advertising expense
5.8 5.8 5.5 6.0 Depreciation and amortization expense 1.4 1.5 1.7
1.9 Asset impairment charges 3.5 6.5 1.4 2.6
Loss from operations (4.2 ) (6.8 ) (2.8 ) (4.6 ) 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 (4.3 )
(6.8 ) (2.9 ) (4.7 ) Income tax expense 0.2 6.2 0.1
1.9 Net loss (4.5 ) (13.1 ) (3.0 ) (6.5 )
Certain percentage amounts do not sum due
to rounding
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2015, MARCH 31,
2015 AND DECEMBER 31, 2014
(UNAUDITED)
December 31,2015
March 31, 2015
December 31,2014
(In thousands, except share data) Assets Current
assets: Cash and cash equivalents $ 7,036 $ 30,401 $ 27,143
Accounts receivable—trade, less allowances
of $31, $19 and $557 as ofDecember 31, 2015, March 31, 2015 and
December 31, 2014, respectively
14,937 11,901 21,739 Accounts receivable—other 17,435 16,715 23,564
Merchandise inventories, net 340,323 257,469 381,692 Prepaid
expenses and other current assets 6,947 6,581 14,918 Income tax
receivable 462 5,326 5,900 Total current
assets 387,140 328,393 474,956 Net property
and equipment 91,241 128,107 135,825 Deferred financing costs, net
1,392 1,796 1,930 Deferred income taxes — 6,489 8,684 Other assets
2,990 2,844 2,646 Total long-term assets
95,623 139,236 149,085 Total assets $ 482,763
$ 467,629 $ 624,041
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable $
173,017 $ 112,143 $ 224,080 Line of credit — — — Customer deposits
48,185 48,742 51,553 Accrued liabilities 57,935 46,723 61,686
Deferred income taxes — 6,489 8,684 Income tax payable 1,129
— — Total current liabilities 280,266 214,097
346,003 Long-term liabilities: Deferred rent 61,546
67,935 68,637 Other long-term liabilities 10,798 12,009
11,818 Total long-term liabilities 72,344
79,944 80,455 Total liabilities 352,610
294,041 426,458 Stockholders’ equity:
Preferred stock, par value $.0001;
10,000,000 shares authorized; no sharesissued and outstanding as of
December 31, 2015, March 31, 2015 andDecember 31, 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 27,661,359 outstanding
as of December 31, 2015, March31, 2015, and December 31, 2014,
respectively
4 4 4 Additional paid-in capital 304,039 301,680 300,447 Retained
earnings (accumulated deficit) (23,662 ) 22,132 47,360
Common stock held in treasury at cost;
13,496,682 shares as of December31, 2015, March 31, 2015, and
December 31, 2014
(150,228 ) (150,228 ) (150,228 ) Total stockholders’ equity 130,153
173,588 197,583 Total liabilities and
stockholders’ equity $ 482,763 $ 467,629 $ 624,041
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
NINE MONTHS ENDED DECEMBER 31,
2015 AND 2014
(UNAUDITED)
Nine Months Ended
December 31, 2015
December 31, 2014 (In thousands) Cash
flows from operating activities: Net loss $ (45,794 ) $ (107,518 )
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization 25,115 31,360
Amortization of deferred financing costs 404 404 Stock-based
compensation 2,423 3,375 Gain on sales of property and equipment 60
188 Deferred income taxes — 41,402 Asset impairment charges 20,910
42,987 Tenant allowances received from landlords 812 833 Changes in
operating assets and liabilities: Accounts receivable—trade (3,036
) (6,618 ) Accounts receivable—other (1,512 ) (7,431 ) Merchandise
inventories (82,854 ) (83,150 ) Income tax receivable 4,864 (4,520
) Prepaid expenses and other assets (352 ) (8,360 ) Accounts
payable 62,456 83,342 Customer deposits (557 ) 10,035 Income tax
payable 1,129 (122 ) Accrued liabilities 11,148 10,661 Deferred
rent (6,409 ) (5,355 ) Other long-term liabilities (1,010 ) 31
Net cash (used in) provided by operating activities (12,203
) 1,544 Cash flows from investing activities: Purchases of
property and equipment (10,406 ) (16,803 ) Proceeds from sales of
property and equipment 80 44 Purchases of corporate-owned life
insurance (160 ) (533 ) Net cash used in investing activities
(10,486 ) (17,292 ) Cash flows from financing activities: Purchases
of treasury stock — (5,281 ) Net (repayments) borrowings on
inventory financing facility (676 ) 8 Net cash used in
financing activities (676 ) (5,273 ) Net decrease in cash and cash
equivalents (23,365 ) (21,021 ) Cash and cash equivalents Beginning
of period 30,401 48,164 End of period $ 7,036
$ 27,143 Supplemental disclosure of cash flow information:
Interest paid $ 1,572 $ 502 Income taxes received $ (4,721 ) $
(5,993 ) Capital expenditures included in accounts payable $ 503 $
992
HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF NET LOSS, AS
ADJUSTED AND
DILUTED NET LOSS PER SHARE, AS
ADJUSTED,
(UNAUDITED)
Three Months EndedDecember
31,
Nine Months EndedDecember
31,
(Amounts in thousands, except share data) 2015
2014 2015 2014 Net loss as reported $
(26,913 ) $ (86,865 ) $ (45,794 ) $ (107,518 ) Non-cash adjustments
to net loss: Asset impairment charges 20,910 42,987 20,910 42,987
Valuation allowance for deferred tax assets — 56,879 — 56,879 Tax
impact of adjustments to net income (1) — (16,808 ) — (16,808 )
Cash adjustments to net loss: Income tax expense (2) 1,252
(1,252 ) 1,252 (1,252 ) Net loss, as adjusted $ (4,751 ) $
(5,059 ) $ (23,632 ) $ (25,712 ) Weighted average shares
outstanding – Diluted 27,707,978 28,008,808 27,698,789 28,282,050
Net loss per diluted share as reported $ (0.97 ) $ (3.10 ) $ (1.65
) $ (3.80 ) Tax adjusted impact of above adjustments $ 0.80 $ 2.92
$ 0.80 $ 2.89 Net loss per diluted share, as adjusted $ (0.17 ) $
(0.18 ) $ (0.85 ) $ (0.91 ) (1)
Tax impact of the asset impairment charge
using an effective rate of 39.1% for the prior year. Current year
amounts are not adjusted due to the Company's full valuation
allowance for deferred taxes.
(2)
Amount represents the expense charged in
the current period associated with the Internal Revenue Service's
settlement of a prior year tax matter. Amount is adjusted to
reflect the expense in the period settled.
HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF EBITDA
AND
ADJUSTED EBITDA(UNAUDITED)
Three Months Ended
December 31,
Nine Months Ended
December 31,
(Amounts in thousands) 2015 2014
2015 2014 Net loss as reported $
(26,913 ) $ (86,865 ) $ (45,794 ) $ (107,518 ) Adjustments:
Depreciation and amortization 8,355 10,062 25,115 31,360 Interest
expense, net 725 568 1,957 1,868 Income tax expense 1,252
41,272 1,252 30,737
EBITDA $ (16,581 ) $ (34,963 ) $ (17,470 ) $ (43,553 )
Non-cash asset impairment charges 20,910 42,987
20,910 42,987 Adjusted EBITDA $ 4,329 $ 8,024 $ 3,440
$ (566 )
We believe that the non-GAAP measures described above provide
meaningful information to assist shareholders in understanding our
financial results and assessing our prospects for future
performance. Management believes adjusted net loss, adjusted net
loss per diluted share, EBITDA and Adjusted EBITDA are important
indicators of our operations because they exclude items that may
not be indicative of or are unrelated to our core operating results
and provide a baseline for analyzing trends in our underlying
businesses. Management makes standard adjustments for items such as
non-cash asset impairments, valuation allowance on deferred tax
assets, income taxes recorded in current period related to prior
year periods, as well as adjustments for other items that may arise
during the period and have a meaningful impact on
comparability.
The above information provides reconciliations from net (loss),
the most comparable financial measure calculated and presented in
accordance with accounting principles generally accepted in U.S.
(“GAAP”), to non-GAAP financial measures. The Company has provided
non-GAAP financial measures, which are not calculated or presented
in accordance with GAAP, as information supplemental and in
addition to the financial measures presented in the accompanying
earnings release that are calculated and presented in accordance
with GAAP. Such non-GAAP financial measures should not be
considered superior to, as a substitute for, or as an alternative
to, and should be considered in conjunction with, the GAAP
financial measures presented in the earnings release. The non-GAAP
financial measures in the accompanying earnings release may differ
from similar measures used by other companies.
EBITDA represents net loss before income tax expense, interest
income, interest expense, depreciation and amortization. The
Company has presented EBITDA because it considers it an important
supplemental measure of its performance and believes 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 US 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
Q3
Beginning Store Count 228 228 228 228 228 229 228 228 228
227 227 Store Openings — — — — 1 — — — 1 — — Store Closings
— — — — — (1 ) — —
(2 ) — — Ending Store Count 228 228 228
228 229 228 228 228 227
227 227
Note: hhgregg, Inc.’s fiscal year is comprised of four quarters
ending
June 30th, September 30th, December 31st
and March 31st.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160128005375/en/
hhgregg, Inc.Lance Peterson, 317-848-8710Director, Finance &
Investor Relationsinvestorrelations@hhgregg.com
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