By Lisa Johnston
New products on display at the American International Toy Fair, held in N
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.
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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.