Hhgregg swings to Q3 loss, misses Street

Indianapolis – Hhgregg Inc. had a difficult third quarter of fiscal 2015, swinging to a loss from a profit the prior year period and missing Wall Street expectations for both profit and revenue. The retailer posted a net loss of $86.9 million compared to net income of $5.05 million, which was a wider loss than projected by analysts.



Non-cash charges drove Hhgregg’s move into the red. Net sales totaled $665.61 million, down 6% from $707.05 million and below Wall Street predictions. Declining net sales were primarily driven by a same-store sales drop of 6.3% which was caused primarily by decreases in consumer electronics, computers and tablets and home products.