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.