HHGregg misses expectations with quarterly loss

HHGregg Inc.'s results fell short of analyst predictions in its latest quarter with a larger-than-expected loss and lower-than-expected sales.

The Indianapolis-based appliance and electronics retailer on Thursday reported a loss of $10.1 million, or 37 cents per share, in its fiscal second quarter, compared with a loss of $10.4 million, or 37 cents per share, in the same quarter of 2014.

Eight analysts surveyed by Zacks Investment Research had predicted a loss of 36 cents per share.

Revenue at the 227-store chain dropped to $486.9 million, down 3.8 percent from $505.9 million in the year-ago period. Six analysts surveyed by Zacks had expected revenue of $489.5 million.

Comparable store sales decreased 3.5 percent compared to second quarter of 2014. Comparable-store sales measure the performance of stores open more than a year and are a key evaluation measure used by retailers.

The company's shares closed at $4.89 Wednesday, down 40 cents on the day.

 

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