By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Indianapolis – hhgregg has promoted web chief Kevin Lyons from VP to senior VP of e-commerce.
Lyons, a veteran of Sears and Best Buy, joined hhgregg last May and has since lead the creation of what the company described as “an ambitious online development and promotional strategy” that has produced double-digit growth in sales and conversions.
The online initiatives include improved website navigation, positive social-media engagement among key customer groups, and integrated online and in-store marketing, the chain said.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Indianapolis – Gregg Throgmartin is stepping down as executive VP and COO of hhgregg, effective March 31.
Throgmartin, son of the chain’s late chairman Jerry Throgmartin and scion of the founding Gregg and Throgmartin families, is leaving the company and his seat on the board to pursue outside interests and manage family businesses, the retailer said.
Indianapolis — hhgregg said steep holiday promotions and a lack of channel discipline within the CE industry led to falling profits and sales during its third fiscal quarter, ended Dec. 31.
Net income fell 71 percent to $5 million on net sales of $707 million, which decreased 11.6 percent from the prior-year period due to a comp-store sales decline of 11.2 percent.
New York — CE retailers and their suppliers are expected to make out well over Black Friday weekend, when some 31 percent of consumers said they plan to buy electronics.
According to a pre-Black Friday survey by the Consumer Electronics Association (CEA), most expect to buy a tablet (30 percent), followed closely by laptop computers (29 percent), video game consoles (29 percent) and TVs (22 percent).
Huntsville, Ala. – Multiregional CE, majap and furniture chain h.h.gregg is relocating it Huntsville store here to a new location.
The showroom, which opens Thursday, will provide local residents with “a modern, updated shopping experience,” the company said.
Indianapolis — Multiregional majap, CE and home furnishings chain h.h.gregg donated 54 Maytag appliances to local Boys & Girls Clubs of America in partnership with Maytag parent Whirlpool.
The donations were part of a 31-day “MayTag, You’re It” joint sweepstakes promotion, in which a Maytag laundry pair was awarded each day in May.
The partners said 29 Boys & Girls Clubs in 15 states and Washington, D.C., were selected to receive majap donations based on immediate improvement needs.
Indianapolis — hhgregg narrowed its first-quarter loss as slightly positive comps and lower costs helped offset decreased profits from CE, computers and wireless.
The multiregional CE, majap and bedding chain reported a $1.3 million loss for the three months, ended June 30, compared with a $5.7 million loss last year. Net sales rose 7.2 percent to $524.9 million, and comps returned to positive territory, edging up 0.8 percent year over year.
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.