Connect With Us

Inside INdiana Business
Subscribe Now Log In
  • Home
  • News
    • Education
    • Health
    • Tech
    • STEM
    • Advanced Manufacturing & Logistics
    • Life Sciences
    • Ag INnovation
    • INPower
  • Videos
  • Big Wigs
    • Submit Big Wigs
  • Events
    • Engage Southwest Indiana – Evansville
    • Engage Northwest Indiana – Valparaiso
    • Engage Greater Lafayette – West Lafayette
    • Engage West Central Indiana – Terre Haute
    • Engage South Bend – Elkhart
    • Engage Northeast Indiana – Fort Wayne
    • Engage Central Indiana – Indianapolis
  • Newsletters
  • Podcasts
  • On-Air
    • TV & Radio Listings
  • Contact
    • About IIB
    • Meet the Team
    • Contact Us
    • Advertise
    • Gift Cards
    • Flagship Stations
    • Gerry’s Message
    • Speaking Engagement Request

Connect With Us

hhgregg Loss Narrows

Thursday, August 4, 2016 02:32 PM EDT
By Andy Ober
hhgregg Loss Narrows (Image courtesy of hhgregg)

Indianapolis-based hhgregg Inc. (NYSE: HGG) is reporting a fiscal first quarter net loss of $7.2 million, compared to a loss of $8.8 million during the same period the previous year. Chief Executive Officer Robert Riesbeck called the results a "positive start to our fiscal year," specifically citing an increase in appliance sales.

Overall, the retailer says net sales decreased four percent to $424 million compared to the previous fiscal first quarter. However, the company says appliance comparable store sales increased 3.7 percent in the same time.

In a release from hhgregg, Riesbeck said, "We delivered a solid first fiscal quarter and are off to a positive start to our fiscal year. We made progress toward our top company goal of driving revenue. We improved comps sequentially from last quarter and year-over-year, driven by appliances, which generated a 3.7% comparable store sales increase in the quarter, along with our continued growth in furniture. We improved our top-line in appliances while protecting our margins. Our total company gross margin increased and we were able to generate positive EBITDA. As the fiscal year progresses we will continue to invest in Fine Lines and store resets to help with our relentless efforts to grow net sales and profitability this fiscal year."

Earlier this week, hhgregg officially named Riesbeck CEO. He had been serving in the role on an interim basis since February. You can find more information on hhgregg’s quarterly report by clicking here.

Story Continues Below

Most Popular Stories

  • CenterPoint seeks increase to base rates

  • Rezoning request for Love’s Travel Stop in Vanderburgh County denied

  • Manchester University to freeze tuition

  • Elevance CEO among ‘World’s Most Powerful Women’

  • Indiana paint company acquired

  • Q&A with IU South Bend Associate Dean of Nursing Barbara White

Perspectives

Grow your business: Learn from failure

Grow your business: Learn from failure

Basketball phenom Steph Curry of the Golden State Warriors is no stranger to losing, much less failure, even though he is one of the most successful professional basketball players of today. His record-breaking career has had countless ups and downs....

Inside INdiana Business

Inside INdiana Business
A division of IBJ Media

1 Monument Circle, Suite 300
Indianapolis, IN 46204

PHONE: (317) 634-6200

FAX: (317) 263-5060

NEWSLETTER@IIBNEWS.COM

  • Home
  • News
  • Videos
  • Gerry Dick
  • Newsletters
  • On-Air
  • Contact

Copyright © 2023 All Rights Reserved Privacy Policy | Terms of Service