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HHGREGG Inc Issues Q3 2013 Outlook Below Analysts' Estimates; Comments On Q3, Q4, FY 2013 Comparable Sales Outlook; Lowers FY 2013 Outlook; Comments On Q4 2013 Outlook; Sees Q3 2013 Charge Outlook


Monday, 14 Jan 2013 08:00am EST 

HHGREGG Inc announced that for the third quarter of 2013, it expects net sales to be approximately $799.6 million, net income of approximately $17.4 million, or $0.51 per diluted share, net income (adjusted) to be approximately $17.7 million, or $0.52 per diluted share and comparable sales to have decreased approximately 9.7%. Third quarter 2013 results include a $0.5 million ($0.3 million after-tax) charge related to impairment for one store. The Company has revised fiscal 2013 guidance and expects net income per diluted share will be within a range of $0.70 to $0.80, compares to previous guidance of net income per diluted share of $0.90 to $1.05. It now expects fiscal 2013 comparable sales of negative 8.5% to negative 7.5%, compared to previous guidance of negative 6.0% to negative 4.0%, fiscal 2013 net sales increase of flat to 1.0%, compared to previous guidance of net sales increase of 3.0% to 6.0%. For the fourth quarter of 2013, it expects to continue to drive comparable store sales increases, sales mix to have a negative impact on gross margin rate in the fourth quarter compared to the prior year. The Company reported revenue of $2.5 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.93 on revenue of $2.578 billion for fiscal 2013; EPS of $0.59, net income of $20.9 million on revenue of $845.3 million for the third quarter of 2013; EPS of $0.40 on revenue of $646.5 million for the fourth quarter of 2013. 

Company Quote

8.24
0.25 +3.13%
17 Apr 2014