hhgregg Net Climbs 46 Percent in Fourth Quarter

       

       

INDIANAPOLIS–hhgregg closed out its fiscal year with a powerful 46 percent increase in net income, which totaled $14.6 million.

The specialty retailer fueled its bottom line on a healthy 21.5 percent gain in net sales, to $507 million, for its fiscal fourth quarter, which ended on March 31. Same-store sales for the quarter declined 4 percent.

That sales increase drove its gross margin up 92 basis points to 31.5 percent. While selling, general and administrative expenses rose 16.5 percent in the quarter, they fell 89 basis points as a percentage of sales, to 20.6 percent.

The fourth-quarter profit increase boosted hhgregg’s net income for the entire fiscal year to $48.2 million, up 23 percent over the prior year. Net sales for the year totaled $2.1 billion, up 35 percent.

INDIANAPOLIS–hhgregg closed out its fiscal year with a powerful 46 percent increase in net income, which totaled $14.6 million.

The specialty retailer fueled its bottom line on a healthy 21.5 percent gain in net sales, to $507 million, for its fiscal fourth quarter, which ended on March 31. Same-store sales for the quarter declined 4 percent.

That sales increase drove its gross margin up 92 basis points to 31.5 percent. While selling, general and administrative expenses rose 16.5 percent in the quarter, they fell 89 basis points as a percentage of sales, to 20.6 percent.

The fourth-quarter profit increase boosted hhgregg’s net income for the entire fiscal year to $48.2 million, up 23 percent over the prior year. Net sales for the year totaled $2.1 billion, up 35 percent.

Posted in News, Retail.

Last updated: May 26, 2011