Hhgregg loss widens in Q1; on track for up to 22 stores in 2013

Indianapolis -- Hhgregg reported Thursday a loss of $5.7 million for the quarter ended June 30, compared with a loss of $0.8 million in the year-ago period. The electronics and appliances retailer cited higher expenses coupled with same-store sales declines for the poor performance.



Net sales increased 13.5% to $489.9 million from $431.5 million, and same-store sales decreased 5.1%.



“Our first fiscal quarter proved to be more challenging than anticipated with sales and earnings coming in below our original expectations,” said Dennis May, president and CEO. “We reacted to the sales shortfall by making adjustments to our cost structure. We expect subsequent quarters to benefit from our cost cutting measures.”



The company said it still plans 20 to 22 new store openings in fiscal 2013.