hhgregg Announces Preliminary Fourth Quarter Net Sales Results and Revises Earnings Guidance

Company Raises Fiscal 2009 EPS Expectation Range to $1.08 to $1.11 from $0.85 to
$0.95
INDIANAPOLIS--(Business Wire)--
hhgregg, Inc. (NYSE: HGG) today announced preliminary net sales results for the
fourth quarter and fiscal year ended March 31, 2009 and revised earnings
guidance.

Based on unaudited preliminary results, the Company expects to report net sales
for the fourth fiscal quarter ended March 31, 2009 of approximately $365
million, representing a 13% increase over the comparable prior year period.
Comparable store sales decreased by approximately 6.5% for the fourth fiscal
quarter, as compared with previous comparable store sales guidance of down 7% to
11%. Net income per diluted share for the fourth fiscal quarter is expected to
range between $0.39 and $0.42, as compared with prior year adjusted net income
per diluted share of $0.32. For the fiscal year ended March 31, 2009, the
Company expects to report net sales of approximately $1.4 billion and expects
net income per diluted share to range between $1.08 and $1.11 as compared with
prior guidance of net income per diluted share of $0.85 to $0.95 and prior year
adjusted net income per diluted share of $1.07. The Company was not drawn on its
revolving credit facility as of March 31, 2009, due to strong working capital
and inventory management.

Dennis May, President and Chief Operating Officer, stated, "Our very strong
preliminary fourth quarter results were driven by better than expected
performance in sales, gross margin and expense leverage. The closure of a major
competitor led to a pick-up in traffic and strong buying opportunities. In
addition, our cost savings, inventory management and working capital initiatives
drove higher operating efficiencies throughout the quarter. Our compelling
market position, unique operating model, strong execution and unwavering
commitment to providing an exceptional customer purchase experience continue to
offer us significant growth opportunities into the future."

May continued, "While we are pleased with our preliminary fourth quarter
results, the overall environment remains challenging. In keeping with our
standard practice, we plan to provide fiscal 2010 guidance when we report final
fourth quarter and fiscal 2009 results on June 2, 2009. We will, however, face
our most difficult same store sales comparison of the year during the first half
of the fiscal year, which will be impacted by a larger seasonal concentration of
appliances in our sales mix, a shift in timing of the Easter holiday, and the
lapping of the 2008 stimulus checks."

These preliminary results are subject to the completion of the customary
year-end audit procedures by the Company`s independent registered public
accountants. The Company will report final fiscal fourth quarter and year end
results in June 2009.

About hhgregg

hhgregg is a specialty retailer of consumer electronics, home appliances,
mattresses and related services operating under the names hhgregg and Fine
Lines. hhgregg currently operates 110 stores in Alabama, Florida, Georgia,
Indiana, Kentucky, North Carolina, Ohio, South Carolina and Tennessee.

Safe Harbor Statement

The following is a Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release includes forward-looking statements.
These statements may be identified by the use of forward-looking terminology
such as "anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict," "should," or "will,"
or the negative thereof or other variations thereon or comparable terminology.
In particular, statements about the expectations, beliefs, plans, objectives,
assumptions or future events or performance of hhgregg, Inc. are forward-looking
statements. hhgregg has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While hhgregg believes
these expectations, assumptions, estimates and projections are reasonable, these
forward-looking statements are only predictions and involve known and unknown
risks and uncertainties, many of which are beyond its control. These and other
important factors may cause hhgregg`s actual results, performance or
achievements to differ materially from any future results, performance or
achievements expressed or implied by these forward-looking statements. Some of
the key factors that could cause actual results to differ from hhgregg`s
expectations are: competition in existing, adjacent and new metropolitan
markets; changes in consumer preferences and demand for the Company`s products;
its ability to effectively manage and monitor its operations, costs and service
quality; its reliance on a small number of suppliers; rapid inflation or
deflation in core product prices; the failure of manufacturers to introduce new
products and technologies; customer acceptance of new technology; its dependence
on the Company`s key management personnel and its ability to attract and retain
qualified sale`s personnel; its ability to negotiate with its suppliers to
provide product on a timely basis at competitive prices; the identification and
acquisition of suitable sites for its stores and the negotiation of acceptable
leases for those sites; the effect of general and regional economic and
employment conditions on its net sales; fluctuation in seasonal demand; its
ability to maintain its rate of growth and penetrate new geographic areas; its
ability to locate suitable new store sites; its ability to obtain additional
financing and maintain its credit facilities; its ability to maintain and
upgrade its information technology systems; the effect of a disruption at the
Company`s central distribution centers; changes in cost for print, radio and
television advertising; and changes in trade regulations, currency fluctuations,
the economy in general and prevailing interest rates.

Other factors that could cause actual results to differ from those implied by
the forward-looking statements in this press release are more fully described in
the "Risk Factors" section in the Company`s Form 10-K filed June 3, 2008. Given
these risks and uncertainties, you are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements included in
this press release are made only as of the time of this news release. Actual
results may differ materially from anticipated results described in these
forward looking statements. hhgregg does not undertake, and specifically
declines, any obligation to update any of these statements or to publicly
announce the results of any revisions to any of these statements to reflect
future events or developments.

hhgregg, Inc.
Andy Giesler, Director of Finance, 317-848-8710
investorrelations@hhgregg.com

Copyright Business Wire 2009