hhgregg (HGG) Tops Q3 EPS by 2c

hhgregg (NYSE: HGG) reported Q3 EPS of ($0.17), $0.02 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $593 million versus the consensus estimate of $592.72 million.

Comparable store sales decreased 10.8% compared to the prior year third quarter.

Dennis May, President and Chief Executive Officer, commented, “As we previously reported, we did not meet our overall expectations for the quarter due to the competitive pressures in the market, but continue to see the impact from our strategic investments in our transformation plan. Year to date we have now realized $48.9 million of cost savings and remain on track to meet or exceed our plan to save $50 million in fiscal 2016. These cost savings efforts have allowed us to generate $4.0 million more of Adjusted EBITDA fiscal year to date compared to the comparable prior year period and we remain confident we will generate positive adjusted EBITDA for the fiscal year. We also continue to focus on our revenue generation initiatives, specifically around Fine Lines expansion, furniture growth and premium televisions, as we finish fiscal 2016 and enter into fiscal 2017. "

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

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