hhgregg Loss Narrows Again

hhgregg shares have been down around 20 percent in pre-market trading on the Bloomberg report.

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

Indianapolis-based hhgregg Inc. (NYSE: HGG) is reporting a fiscal year 2016 net loss of $54.9 million, compared with a net loss of $133 million the previous year. Interim Chief Executive Officer Robert Riesbeck says the company exceeded its cost savings target, which improved the fiscal year results. 

The company is also reporting a fiscal fourth quarter net loss of $9 million, compared with a net loss of $25.2 million during the same period last year. 

"Our primary focus this year is on driving revenue," said Riesbeck. "We finished our fourth quarter with improved momentum, specifically in appliances where we achieved a positive 4.9% comparable store sales increase over February and March combined. We will be as passionate and focused on revenue growth in fiscal 2017 as we were on cost reductions in fiscal 2016, and believe that our past and future investments will help us significantly improve our net sales and profitability this fiscal year."

Riesbeck also serves as chief financial officer for hhgregg. He has served as interim president and CEO since Dennis May resigned from the company in February.