Hhgregg returns to profit in 2nd quarter

INDIANAPOLIS - Consumer electronics retailer Hhgregg Inc. said Thursday it returned to a profit in the second quarter after the previous year's results were weighed down by one-time items

For the three months ending Sept. 30, the Indianapolis-based company reported net income of $3.4 million, or 10 cents per share. That compares with a loss of $6.9 million, or 22 cents per share, during the same period last year.

But compared with last year's adjusted profit of $5.8 million — a figure that excludes a hefty one-time charge related to debt refinancing — the company's second-quarter results actually fell 41 percent.

Net sales rose 11.3 percent to $320.3 million, up from $287.9 million a year ago.

Analysts surveyed by Thomson Reuters expected the retailer to earn 12 cents per share on revenue of $345.4 million.

Meanwhile, same-store sales — an important retail industry metric of sales in sites open at least a year — fell 8.9 percent, dragged down my massive decreases in comparable sales for big-ticket appliances, mattresses, personal electronics and notebook computers.

Hhgregg shares rose 85 cents, or 17 percent to $5.74 in afternoon trading after reaching an all-time low of $4.60 earlier in the session.

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On the Net:

http://www.hhgregg.com

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