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Same store sales at Hhgregg drop 10%
Hhgregg President and CEO Dennis May played the “pleased with significant progress on transformation efforts” card after the company reported abysmal sales for its fourth quarter ended March 31.
The retailer said same store sales decreased 10%. Net sales decreased 9.8% to $485.6 million. Revenue dropped 10% to $485.6 million. The company had a loss of $25.2 million, or 91 cents a share, wider than its prior-year quarter loss of $7.2 million, or 25 cents a share.
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Sales growth weak at Kohl's in Q1
Kohl’s couldn't combat weak consumer spending in the first quarter despite launching a loyalty program and new advertising initiatives.
Kevin Mansell, Kohl's chairman, chief executive officer and president, said: "Sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a weak February. We are very pleased with our earnings results, with a more balanced promotional calendar driving merchandise margin combined with strong expense control."

