Indianapolis-based hhgregg Inc. (NYSE: HGG) is reporting a fiscal second quarter net loss of $10.1 million, compared to a loss of $10.4 million during the same period a year earlier. Despite the decline, Chief Executive Officer Dennis May says the electronics, appliance and furniture retailer remains "on track to meet or exceed our three key financial objectives for the year."
Those include improved comparable store sales, cost savings and positive EBITA, or earnings before interest, taxes and amortization, for fiscal 2015. "We were pleased with the continued traction in our net sales during the second quarter driven by delivering on our fiscal 2016 revenue generation initiatives, May said. "In addition, we have continued our cost savings efforts and remain on track to meet our plan to save $50 million in fiscal 2016. The steady progress we have made with our transformation plan has positioned our company well as we embark on the holiday season."
The company now has 227 stores, down one from a year ago.
You can connect to the company’s second fiscal quarter earnings report by clicking here.