hhgregg Posts Lower Sales, Profits

By Steve Smith On Nov 2 2012 - 10:54am

Indianapolis – hhgregg reported a 5 percent drop in net sales and lower net earnings for the second quarter, ended Sept. 30.

Net sales for the quarter decreased to $587.6 million from $618.6 million in the comparable prior-year period. The decrease for the three month period was the result of a comparable store sales decrease of 8.8 percent along with the lapping of strong grand opening sales performance from stores that opened in the prior fiscal year, partially offset by the net addition of 19 stores during the past 12 months.