Hhgregg warns of 11% sales drop

Final holiday financial results aren't in, but electronics retailer hhgregg (NYSE:HHG) released an early report warning of poor sales during the season.

The retailer estimates sales of $593 million, an 11 percent drop from last year's $666 million during the third fiscal quarter. Comparable store sales are estimated to have declined 11 percent across the store.

Categories that were particularly hard hit include appliances with a 10 percent same-store sales decline, consumer electronics at 8 percent, and the computer and tablet category, which plummeted 35 percent.

"During the quarter, we were challenged by the competitive pressures in the market," said Dennis May, president and CEO. "Although we are disappointed with our overall performance during the quarter, we are pleased with many of the strategic investments we have made for our transformation."

May pointed to returns on the company's investment in other categories including furniture, where sales increased 16 percent, and large-screen premium TVs, which are up 50 percent from the prior fiscal quarter. 

Hhgregg will report quarterly sales on January 28.

For more:
-See this hhgregg statement

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