Hhgregg Q2 profit falls 29%

Indianapolis Hhgregg said Friday that its first-quarter profit fell 29% amid weakening demand for appliances and video products, but the result beat analysts’ estimates.

The consumer-electronics retailer said it earned $1.5 million for the period ended June 30, down from $2.1 million a year ago.

Sales dipped 4% to $284.4 million from $295.4 million to miss Wall Street’s estimate of $286.4 million.

Same-store sales fell 14.7% in the quarter on softer demand for appliances and video products. Hhgregg said video products were hurt by a dramatic drop in average selling prices of LCD and plasma items.