hhgregg (HGG) Preliminary Q3 EPS, Revs Come in Below Views; Cuts FY12 EPS Outlook
Tweet
Share
E-mailGet Alerts HGG Hot Sheet
Price: $0.23 --0%
Financial Fact:
Net advertising expense: 21.76M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Net advertising expense: 21.76M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
hhgregg, Inc. (NYSE: HGG) today announced preliminary results for the fiscal third quarter ended December 31, 2011 and updated fiscal 2012 (year ending March 31, 2012) guidance. The Company also announced details of its fiscal third quarter earnings conference call.
For the third quarter of fiscal 2012, the Company estimates net sales to be $829.5 million, an increase of approximately 26.9% as compared to net sales of $653.7 million reported for the third quarter of fiscal 2011. The Street sees $812.53 million.
Fiscal third quarter comparable store sales are estimated to have increased 3.9%, with the video category expected to have decreased 4.8%, the appliance category expected to have increased 6.8%, the home office category expected to have increased 91.4%, and the other category expected to have decreased 7.1%. The Company expects net income of approximately $22.5 million, or $0.60 per diluted share, for the third quarter of fiscal 2012, compared with net income of $26.9 million, or $0.66 per diluted share, for the comparable prior year period. The Street is modeling EPS of 77 cents. Fiscal third quarter 2012 earnings were negatively impacted by lower than expected margins in the video category and increased advertising spend aimed at gaining market share and launching our mobile category.
In light of the preliminary fiscal third quarter sales and earnings results, the Company now anticipates that annual net income per diluted share will be within a range of $1.05 to $1.15 for fiscal 2012. This compares to previous guidance of net income per diluted share of $1.26 to $1.41 in fiscal 2012. The Street sees $1.34.
The Company’s revised fiscal 2012 guidance comprises the following:
For the third quarter of fiscal 2012, the Company estimates net sales to be $829.5 million, an increase of approximately 26.9% as compared to net sales of $653.7 million reported for the third quarter of fiscal 2011. The Street sees $812.53 million.
Fiscal third quarter comparable store sales are estimated to have increased 3.9%, with the video category expected to have decreased 4.8%, the appliance category expected to have increased 6.8%, the home office category expected to have increased 91.4%, and the other category expected to have decreased 7.1%. The Company expects net income of approximately $22.5 million, or $0.60 per diluted share, for the third quarter of fiscal 2012, compared with net income of $26.9 million, or $0.66 per diluted share, for the comparable prior year period. The Street is modeling EPS of 77 cents. Fiscal third quarter 2012 earnings were negatively impacted by lower than expected margins in the video category and increased advertising spend aimed at gaining market share and launching our mobile category.
In light of the preliminary fiscal third quarter sales and earnings results, the Company now anticipates that annual net income per diluted share will be within a range of $1.05 to $1.15 for fiscal 2012. This compares to previous guidance of net income per diluted share of $1.26 to $1.41 in fiscal 2012. The Street sees $1.34.
The Company’s revised fiscal 2012 guidance comprises the following:
- fiscal 2012 comparable store sales of flat to positive 2%, as compared to previous guidance of flat to positive 3%
- fiscal 2012 net sales increase of 22% to 24%, as compared to previous guidance of net sales increase of 20% to 25%
- 35 new store openings in fiscal 2012
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- Ross Stores, Inc. (ROST) PT Raised to $240 at Bernstein SocGen Group
- Morgan Stanley course-corrects their semiconductor equipment outlook on demand
Create E-mail Alert Related Categories
Guidance, Hot GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
