Hhgregg reported Tuesday that net income for the quarter ended Sept. 30 dropped 20.4% to $3.9 million, compared with a net income of $4.9 million in the year-ago period.
The electronics and appliances retailer cited expenses associated with its Washington, D.C., market debut, as well as a dip in same-store sales, as partial reasons for the plunge.
Revenue surged 44.8% to $480.9 million in the period. Same-store sales decreased 1.5%, attributed to a weakness in appliance sales during the quarter.
