hhgregg (HGG) Cuts FY13 EPS, Sales Outlook; Preliminary Q1 Numbers Come in Below Views
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Price: $17.00 --0%
EPS Growth %: -20.5%
Financial Fact:
Gross profit: 218.19M
Today's EPS Names:
IHS, MEI, PIR, More
EPS Growth %: -20.5%
Financial Fact:
Gross profit: 218.19M
Today's EPS Names:
IHS, MEI, PIR, More
Trade HGG Now!
hhgregg, Inc. (NYSE: HGG) today announced preliminary sales and earnings results for the fiscal first quarter ended June 30, 2012 and updated fiscal 2013 guidance. The Company also announced details of its fiscal first quarter earnings conference call.
For the first quarter of fiscal 2013, the Company estimates net sales to be approximately $490 million, an increase of approximately 13.5% as compared to the $431.5 million of net sales reported in the fiscal first quarter last year primarily due to the net addition of 30 new stores. The Company expects a net loss of between $6.2 million to $5.7 million, or $0.17 to $0.16 per diluted share, for the first quarter of fiscal 2013, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. Fiscal first quarter 2013 results were negatively impacted by lower than expected revenues primarily within the video category. In addition, due to the deleveraging impact of lower sales, our advertising and general and administrative expenditures will be greater than the prior year as a percentage of net sales.
The Street was looking for sales of $509.2 million and a loss of 4 cents per share.
In light of the preliminary fiscal first quarter sales results and the anticipated impact of our current business trends; the Company now anticipates that annual net income per diluted share will be $0.90 to $1.05 in fiscal 2013. The Street sees EPS of $1.20. This compares to previous guidance of net income per diluted share of $1.12 to $1.27. The Company’s revised fiscal 2013 (year ending March 31, 2013) guidance comprises the following:
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For the first quarter of fiscal 2013, the Company estimates net sales to be approximately $490 million, an increase of approximately 13.5% as compared to the $431.5 million of net sales reported in the fiscal first quarter last year primarily due to the net addition of 30 new stores. The Company expects a net loss of between $6.2 million to $5.7 million, or $0.17 to $0.16 per diluted share, for the first quarter of fiscal 2013, compared with a net loss of $0.8 million, or $0.02 per diluted share, for the comparable prior year period. Fiscal first quarter 2013 results were negatively impacted by lower than expected revenues primarily within the video category. In addition, due to the deleveraging impact of lower sales, our advertising and general and administrative expenditures will be greater than the prior year as a percentage of net sales.
The Street was looking for sales of $509.2 million and a loss of 4 cents per share.
In light of the preliminary fiscal first quarter sales results and the anticipated impact of our current business trends; the Company now anticipates that annual net income per diluted share will be $0.90 to $1.05 in fiscal 2013. The Street sees EPS of $1.20. This compares to previous guidance of net income per diluted share of $1.12 to $1.27. The Company’s revised fiscal 2013 (year ending March 31, 2013) guidance comprises the following:
- fiscal 2013 comparable store sales of negative 6% to negative 4%, as compared to previous guidance of negative 1% to positive 1%;
- fiscal 2013 net sales increase of 3% to 6%, as compared to a previous guidance of net sales increase of 9% to 12%;
- 20 to 22 new store openings in fiscal 2013; and
- the impact of first quarter share repurchase activity of 1.1 million shares at a cost of $11.2 million.
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