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hhgregg, Inc. (HGG) Posts Q1 GAAP Loss of 36c/Share; Comps Fell 10.2%

July 31, 2014 7:05 AM EDT

hhgregg, Inc. (NYSE: HGG) reported Q1 EPS of ($0.36), $0.20 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $472.3 million versus the consensus estimate of $490.5 million.

Comparable store sales decreased 10.2%.

2015 Outlook

Given our ongoing strategic initiatives to reposition the business around a broader assortment of home products as well as the continued volatility in the consumer electronics industry, we are not providing specific guidance for fiscal 2015. However, to help investors better understand the current trends and outlook for the business for fiscal 2015, we are expecting annual comparable store sales to be negative high single digits to negative mid single digits compared to our previous expectation of negative low single digits to flat. We still expect the second half of the fiscal year to outperform the first half of the fiscal year. Given the results of our operations in the first quarter and the volatility in consumer demand for our product segments we no longer believe that our diluted earnings per share in fiscal 2015 will be above the prior year as we previously stated. However, we do expect to generate positive EBITDA for the fiscal year.

Additionally, we expect to open 2 new stores during fiscal 2015 compared to our previous expectation of opening between 2 and 4 new stores during fiscal 2015. Capital expenditures are still expected to be in the range of $20 million to $23 million for fiscal 2015.

For earnings history and earnings-related data on hhgregg, Inc. (HGG) click here.



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