hhgregg, Inc. (HGG), an appliance, electronics and furniture retailer, Tuesday said it expects third-quarter net sales to be about $666 million, down 6 percent from $707 million reported for the third fiscal quarter of 2014.
On average, 13 analysts polled by Thomson Reuters expect revenues of $670.07 million for the quarter.
Comparable store sales for the quarter are estimated to have decreased about 6 percent, with the appliance category estimated to be relatively flat, the consumer electronics category estimated to have decreased approximately 4 percent.
The home products category is estimated to have decreased approximately 9 percent and and the computer and tablet category is projected to have decreased approximately 35 percent.
The company estimates that its e-commerce business comparable sales were up approximately 59 percent for the fiscal third quarter.
Dennis May, President and CEO, said, "The computer and tablet industry continues to be negatively impacted by declining consumer demand. Additionally, we made a decision not to participate in certain areas of the computer and tablet business that were not profitable."
Further, citing some impairment charges coupled with uncertain current market conditions, the company withdrew its fiscal year 2015 EBITDA outlook.
For comments and feedback contact: editorial@rttnews.com
Business News