San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Indianapolis — Weaker sales and margins, and higher taxes and costs, led to sharply lower fourth-quarter and full-year profits for hhgregg.
For the fourth quarter, ended March 31, net income fell 81 percent to $9.9 million as net sales slipped 2.6 percent to $597.6 million and comp-store sales declined 9.8 percent.
Indianapolis — hhgregg has named former adman and Sears exec Jeffery Haines chief merchandising officer.
Haines is the second Sears veteran to hold the post, which was filled briefly last year by ex-Sears and Circuit City senior exec Doug Moore.
Prior to Haines’ and Moore’s appointments the top merchandising duties were helmed by Michael Larimer, who returns to his original CE focus as electronics merchandising senior VP.
Indianapolis — hhgregg said it will expand its furniture assortment, further develop the fitness category, and increase its majap market share in lieu of dwindling TV demand.
In a conference call to discuss the company’s soft third-quarter results and its game plan for the future, president/CEO Dennis May said that aside from cyclical blips following the introduction of new technology, the prospects for TV growth are slim.
Indianapolis – Weak TV sales and higher costs for store openings and home delivery took a bite out of hhgregg’s holiday quarter results.
Net earnings declined 22.6 percent to $17.4 million for the three months, ended Dec. 31, while net sales decreased 3.6 percent to $799.6 million and same-store sales fell 9.7 percent year over year.
The multi-regional CE, majap and furniture chain said same-store sales were primarily impacted by a 24.6 percent decline in video category comp sales, reflecting a double-digit decrease in unit volume.
Indianapolis — Weak TV demand led to soft holiday sales and a projected profit decline for hhgregg.
In a preliminary report, the chain estimated that net sales slipped 3.6 percent to $799.6 million for its fiscal third quarter, ended Dec. 31, while comp-store sales sank 9.7 percent.
Net income is expected to fall 22.7 percent to $17.4 million on sluggish TV sales and a one-time $500,000 impairment charge for one store.
Chicago – Premium gaming accessories supplier SteelSeries is expanding its North American retail footprint in time for the holiday shopping season.
Consumers can now find select SteelSeries gaming audio, mice, keyboards, controllers and mousepads at h.h. gregg, EB Games Canada, Staples Canada, London Drug, Target.com, Costco.com, Hastings, TigerDirect and The Source.
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.