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Hhgregg net income, sales plummet in Q3
Indianapolis – Hhgregg reported net income of $5 million during the third quarter of fiscal 2014, a 71% drop from $17.4 million in the same period the previous fiscal year. Net sales declined about 12%, from $799.6 million to $707 million.
Same-store sales decreased about 11%. Hhgregg cited the drop in same-store sales and shrinking gross margins for its steep decline in net income. Dennis May, president and CEO of Hhgregg, blamed poor electronics/computing sales and heavy promotions for the retailer’s overall disappointing performance.
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Staples is lone winner with sustainability
The retail and consumer packaged goods industry fared poorly in a recent global ranking of corporate sustainability leaders with the handful of standouts being Coca-Cola, Johnson & Johnson, Staples and Campbell Soup Company.
The ranking of 100 companies compiled by Corporate Knights, a media, research and investment advisory company, included only17 U.S. companies and only two retailers. Sweden’s H&M was ranked 64th and Staples was ranked 72nd.