May 23, 2012

hhgregg Announces Full Year Operating Results and Issues Fiscal Year 2013 Guidance

Fourth Quarter Highlights

  • Net sales increased 21.1% to $613.8 million; comparable store sales decreased 0.7%
  • Net income per diluted share was $1.45, compared to $0.36 in the prior year
  • Net income per diluted share, as adjusted, decreased 2.5% to $0.39
  • The Company repurchased 1.0 million shares of its common stock for $12.6 million under its share repurchase program

Fiscal Year 2012 Highlights

  • Net sales increased 20.0% to $2.5 billion; comparable store sales decreased 1.1%
  • Net income per diluted share was $2.14, compared to $1.19 in the prior year
  • Net income per diluted share, as adjusted, decreased 9.8% to $1.11
  • The Company repurchased 3.7 million shares of its common stock for $47.6 million under its share repurchase program

Fiscal Year 2013 Guidance Highlights

  • Company establishes net income per diluted share guidance range for fiscal 2013 of $1.12 to $1.27
  • Company expects comparable stores sales change of (1%) to 1%
  • Company expects net sales growth of 9% to 12%
  • Company expects to open 20 to 22 new stores

INDIANAPOLIS--(BUSINESS WIRE)-- hhgregg, Inc. (NYSE: HGG):

  Three Months Ended   Twelve Months Ended
March 31, March 31,
(unaudited, dollar amounts in thousands, except per share data) 2012   2011 2012   2011
Net sales $613,788 $507,019 $2,493,392 $2,077,651
Net sales % increase 21.1% 21.5% 20.0% 35.4%
Comparable store sales % decrease (1) (0.7)% (10.8)% (1.1)% (4.0)%
Gross profit as % of net sales 30.5% 31.5% 28.9% 30.3%
SG&A as % of net sales 20.7% 20.6% 20.0% 20.7%
Net advertising expense as a % of net sales 4.4% 4.1% 4.7% 4.2%
Depreciation and amortization expense as a % of net sales

1.6%

1.4% 1.4% 1.3%
Life insurance proceeds as a % of net sales 6.5% - 1.6% -
Income from operations as a % of net sales 10.2% 5.4% 4.4% 4.2%
Net interest expense as a % of net sales 0.1% 0.2% 0.1% 0.2%
Loss related to early extinguishment of debt as a % of net sales - 0.4% - 0.1%
Net income $53,630 $14,634 $81,373 $48,208
Net income per diluted share $1.45 $0.36 $2.14 $1.19
Net income per diluted share, as adjusted (2) $0.39 $0.40 $1.11 $1.23
Weighted average shares outstanding - diluted 36,971,100 40,315,607 38,079,685 40,368,223
Number of stores open at the end of the period 208 173
 

_______________

(1)

 

Comprised of net sales of stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company's website.

(2)

Fiscal 2012 amounts are adjusted to exclude income from life insurance proceeds, severance related to death benefits and impairment charges. Fiscal 2011 amounts are adjusted to exclude the loss related to the early extinguishment of debt incurred in conjunction with the amendment of the Company's revolving credit facility on March 29, 2011. See the attached reconciliation of non-GAAP measures.

 

hhgregg, Inc. ("hhgregg" or "the Company") today reported net income of $53.6 million for the three months ended March 31, 2012, or net income per diluted share of $1.45, compared with net income of $14.6 million, or $0.36 per diluted share, for the comparable prior year period. The fiscal fourth quarter of 2012 results include $39.6 million of net income related to life insurance proceeds received from a key man life insurance policy net of severance paid to the estate of our former Executive Chairman of the Board, who passed away on January 22, 2012. The fiscal fourth quarter of 2012 also includes a $0.8 million ($0.5 million after-tax) charge related to impairment for 2 store locations. Net income, as adjusted for these two items, for the three months ended March 31, 2012 was $14.5 million, a 9.1% decrease in adjusted net income when compared to the prior year period. The decrease in adjusted net income was the result of a decrease in gross margin rate and an increase in net advertising expense as a percentage of net sales, offset by an increase in net sales due to the net addition of 35 stores during the past 12 months.

Net income for the 12 months ended March 31, 2012 was $81.4 million, or $2.14 per diluted share, compared to net income of $48.2 million, or $1.19 per diluted share for the 12 months ended March 31, 2011. Excluding the items described above, adjusted net income for the 12 months ended March 31, 2012 was $42.2 million, or $1.11 per diluted share, a 14.7% decrease in adjusted net income when compared to the prior year period. The decrease in adjusted net income for the fiscal year ended March 31, 2012 was the result of a decrease in gross margin rate and an increase in net advertising expense as a percentage of net sales, offset by an increase in net sales due to the net addition of 35 stores during the past 12 months.

Dennis May, President and Chief Executive Officer of the Company, commented, "Our fourth quarter results were driven by solid market share gains in the appliance and home office categories, offset by continued headwinds in the video category. Through the launch of a number of strategic initiatives earlier this year, we continue to strengthen our positioning in appliances, expand our assortments in home office products and build our mobile business. We remain pleased with our progress in these key areas and believe recent investments in our multi-channel platforms and our unparalleled customer service better position us in a changing retail environment."

Net sales for the three and 12 months ended March 31, 2012 increased 21.1% and 20.0%, respectively, to $613.8 million and $2.5 billion, respectively. The increases in net sales for the three and 12 months ended March 31, 2012 were primarily attributable to the net addition of 35 stores during the past 12 months partially offset by decreases of 0.7% and 1.1% in comparable store sales, respectively.

Net sales mix and comparable store sales percentage changes by product category for the three and 12 months ended March 31, 2012 and 2011 were as follows:

  Net Sales Mix Summary   Comparable Store Sales Summary

Three Months Ended
March 31,

 

Twelve Months Ended
March 31,

Three Months Ended
March 31,

 

Twelve Months Ended
March 31,

2012   2011 2012   2011 2012   2011 2012   2011
Video 43 % 47 % 43 % 46 % (10.2) % (16.7) % (8.7) % (6.3) %
Appliances 37 % 35 % 37 % 36 % 9.3 % (5.0) % 3.0 % (0.2) %
Computing and mobile phones (1) 10 % 7 % 9 % 6 % 34.8 % 25.2 % 52.9 % 21.6 %
Other (2) 10 % 11 % 11 % 12 % (12.0) % (14.8) % (9.2) % (14.2) %
Total 100 % 100 % 100 % 100 % (0.7) % (10.8) % (1.1) % (4.0) %
 

_______________

(1)

 

Primarily consists of computers, mobile phones and tablets

(2)

Primarily consists of audio, furniture and accessories, mattresses and personal electronics

 

The decreases in the comparable store sales for the video category for the three month period ended March 31, 2012 was due primarily to a double digit decline in average selling prices. The decreases in the comparable store sales for the video category for the 12 month period ended March 31, 2012 was due primarily to a double digit decline in average selling prices partially offset by increased unit demand. The increases in comparable store sales within the appliance category for the three and 12 month periods were due to an increase in both unit demand and average selling prices, driven largely by our initiatives to capture market share and outpace the marketplace in comparable store sales growth. The increases in the computing and mobile phone category were driven by increased demand in notebook computers and the additional offering of tablets and mobile phones in fiscal 2012. The decrease in the other category was due primarily to comparable store sales decreases in small electronics, cameras and camcorders, offset by strong double digit growth in mattresses.

Gross profit margin, expressed as gross profit as a percentage of net sales, decreased approximately 91 basis points for the three months ended March 31, 2012 to 30.5% from 31.5% for the comparable prior year period, and decreased approximately 142 basis points for the 12 months ended March 31, 2012 to 28.9% from 30.3% for the prior year. The decreases in gross profit margin for the three and twelve month periods were largely due to gross profit margin pressure within the video category, which is primarily the result of increased promotional activity in the category. In addition, computing and mobile phones, which carry a gross profit margin percentage lower than the Company average, increased as an overall percentage of the Company's net sales mix, which resulted in a decrease in the Company's total gross profit margin percentage. These declines were partially offset by improvements in gross profit margin percentage in the appliance category which were primarily driven by a mix shift to more heavily featured appliances, which carry an average selling price and gross margin percentage greater than the Company average.

SG&A, as a percentage of net sales, remained consistent for the three month period ended March 31, 2012, increasing six basis points, and decreased approximately 69 basis points for the 12 months ended March 31, 2012, compared with the respective prior year periods. For the 12 month period, the improvement is SG&A was largely due to slight decreases in occupancy costs and wage expenses, offset by a slight increase in delivery costs, which resulted from an increase in appliance sales as a percentage of the Company's total net sales.

Net advertising expense, as a percentage of net sales, increased approximately 39 basis points during the three months ended March 31, 2012 and increased approximately 51 basis points during the 12 months ended March 31, 2012 when compared with the respective comparable prior year periods. The increase as a percentage of net sales for the three and 12 month periods were driven largely by increased promotions to drive market share and support the launch of our new mobile department.

The Company's effective income tax rate for the three months ended March 31, 2012 decreased to 13.7% compared to 39.0% in the comparable prior year period. The Company's effective income tax rate for the fiscal year ended March 31, 2012 decreased to 24.1% compared to 39.2% in the prior year. Excluding the impact of the non-taxable life insurance proceeds received, the adjusted effective income tax rate was 38.4% for the three and 12 months ended March 31, 2012. The decreases in the adjusted effective income tax rates, which exclude the impact of the non-taxable life insurance proceeds, are primarily the result of federal income tax credits recognized under the Hiring Incentives to Restore Employment Act of 2010.

Mr. May also commented "Looking ahead, we believe there is a significant opportunity utilizing additional initiatives to continue growing the appliance business while strengthening our home office, computing and mobile offerings. We are encouraged by recent strength in larger-size televisions and believe we are positioned well to take advantage of this trend."

Board of Directors

On May 17, 2012, the Board of Directors of the Company elected Gregg W. Throgmartin as a director of the Company to fill a vacant seat on the Board of Directors. Mr. Throgmartin currently serves as Executive Vice President and Chief Operating Officer of the Company. The Board of Directors also appointed Michael L. Smith, a current director of the Company, as Chairman of the Board of Directors of the Company. Mr. Smith formerly served as Executive Vice President and Chief Financial Officer at Anthem Blue Cross and Blue Shield.

Share Repurchase Plan

During the three months ended March 31, 2012, the Company repurchased 1.0 million shares of its common stock for $12.6 million at an average price of $12.57 per share. During the fiscal year ended March 31, 2012, the Company repurchased 3.7 million shares for $47.6 million at an average price of $12.81 per share.

Additionally, effective on May 24, 2012, the Company's Board of Directors authorized an additional $50 million share repurchase program. Under the program, purchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The repurchase program will expire on May 23, 2013, unless extended or shortened by the Company's Board of Directors.

hhgregg Establishes Fiscal Year 2013 Net Income Per Diluted Share Guidance Range of $1.12 to $1.27

Included in the Company's guidance, are the following assumptions:

  • Net sales increase of 9% to 12%
  • Comparable store sales of (1%) to 1%
  • The opening of 20 to 22 new stores
  • Capital expenditures of approximately $50 million to $55 million
  • An effective income tax rate of approximately 39.5%
  • All assumptions in the guidance exclude any impact of the share repurchase plan

Jeremy Aguilar, Chief Financial Officer of the Company, commented "During the upcoming year, we expect to continue to drive market share gains in the appliance category while stabilizing our margin performance across all categories. We also expect our advertising and other expenses, as a percentage of net sales, to remain relatively stable in order to drive bottom line profits. Finally, we remain focused on enhancing our near and long-term stockholder value through use of our capital and continuing to execute on our long-term growth plans."

Teleconference and Webcast

hhgregg will be conducting a conference call to discuss operating results for the three and 12 months ended March 31, 2012, on Wednesday, May 23, 2012 at 9:00 a.m. (Eastern Time). Interested investors and other parties may listen to a simultaneous web cast of the conference call by logging onto hhgregg's website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877)304-8963. Callers should reference the hhgregg earnings call.

Non-GAAP to GAAP Reconciliation

Attached is a reconciliation of non-GAAP measures used in this earnings release including net income to net income, as adjusted, and diluted net income per share to diluted net income per share, as adjusted. Definitions and reconciliations of non-GAAP financial measures that will be discussed on the hhgregg investor earnings call, including net income, as adjusted, and diluted net income per share, as adjusted, can be found at www.hhgregg.com on the investor relations page.

About hhgregg

hhgregg is a specialty retailer of home appliances, televisions, computers, consumer electronics, mattresses and related services operating under the name hhgregg™. hhgregg currently operates 210 stores in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.

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: the effect of general and regional economic and employment conditions on its net sales; impact of average selling prices on net sales; competition in existing, adjacent and new metropolitan markets; changes in consumer preferences; 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 sales 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; fluctuation in seasonal demand; its ability to maintain its rate of growth and penetrate new geographic areas; 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 advertising; and changes in legal and/or trade regulations, currency fluctuations 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 fiscal 2012 Form 10-K filed May 22, 2012. 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 date hereof. 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. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)

       
Three Months Ended Twelve Months Ended
March 31, 2012 March 31, 2011 March 31, 2012 March 31, 2011
(In thousands, except share and per share data)
Net sales $ 613,788 $ 507,019 $ 2,493,392 $ 2,077,651
Cost of goods sold   426,299     347,520     1,773,004     1,447,891  
Gross profit 187,489 159,499 720,388 629,760
Selling, general and administrative expenses 127,071 104,665 498,600 429,823
Net advertising expense 27,274 20,545 117,423 87,340
Depreciation and amortization expense 9,516 6,901 33,752 26,238
Life insurance proceeds (40,000 ) - (40,000 ) -
Asset impairment charges   813     88     813     88  
Income from operations 62,815 27,300 109,800 86,271
Other (income) expense:
Interest expense 694 1,253 2,658 4,992
Interest income (18 ) (3 ) (23 ) (22 )
Loss related to early extinguishment of debt   -     2,071     -     2,071  
Total other expense   676     3,321     2,635     7,041  
Income before income taxes 62,139 23,979 107,165 79,230
Income tax expense   8,509     9,345     25,792     31,022  
Net income $ 53,630   $ 14,634   $ 81,373   $ 48,208  
 
Net income per share
Basic $ 1.46 $ 0.37 $ 2.16 $ 1.22
Diluted $ 1.45 $ 0.36 $ 2.14 $ 1.19
Weighted average shares outstanding-basic 36,781,606 39,716,509 37,749,354 39,394,708
Weighted average shares outstanding-diluted 36,971,100 40,315,607 38,079,685 40,368,223
 

HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)

         
Three Months Ended Twelve Months Ended
March 31, 2012 March 31, 2011 March 31, 2012   March 31, 2011
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of goods sold 69.5   68.5 71.1   69.7
Gross profit 30.5 31.5 28.9 30.3
Selling, general and administrative expenses 20.7 20.6 20.0 20.7
Net advertising expense 4.4 4.1 4.7 4.2
Depreciation and amortization expense 1.6 1.4 1.4 1.3
Life insurance proceeds (6.5 ) - (1.6 ) -
Asset impairment charges 0.1   - -   -
Income from operations 10.2 5.4 4.4 4.2
Other expense (income):
Interest expense 0.1 0.2 0.1 0.2
Interest income - - - -
Loss related to early extinguishment of debt -   0.4 -   0.1
Total other expense 0.1   0.7 0.1   0.3
Income before income taxes 10.1 4.7 4.3 3.8
Income tax expense 1.4   1.8 1.0   1.5
Net income 8.7   % 2.9 % 3.3   % 2.3 %
 

Certain percentage amounts do not sum due to rounding

HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2012 AND 2011
(UNAUDITED)

   
2012 2011
(In thousands, except share data)
Assets
Current assets:
Cash and cash equivalents $ 59,244 $ 72,794
Accounts receivable—trade, less allowances of $25 and $134, respectively 19,467 8,931
Accounts receivable—other 18,630 19,806
Merchandise inventories, net 282,409 212,008
Prepaid expenses and other current assets 5,562 11,062
Deferred income taxes   9,639     5,606  
Total current assets   394,951     330,207  
Net property and equipment 204,273 162,781
Deferred financing costs, net 2,656 3,232
Deferred income taxes 38,970 52,385
Other assets   1,934     1,040  
Total long-term assets   247,833     219,438  
Total assets $ 642,784   $ 549,645  
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 122,596 $ 94,363
Customer deposits 28,993 21,791
Accrued liabilities   48,093     49,191  
Total current liabilities   199,682     165,345  
Long-term liabilities:
Deferred Rent 71,304 55,240
Other long-term liabilities   12,278     12,474  
Total long-term liabilities   83,582     67,714  
Total liabilities   283,264     233,059  
Stockholders' equity:

Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2012 and 2011

- -

Common stock, par value $.0001; 150,000,000 shares authorized; 40,066,005 and 39,724,737 shares issued; and 36,351,716 and 39,724,737 outstanding as of March 31, 2012 and 2011, respectively

4 4
Additional paid-in capital 277,846 268,715
Retained earnings (accumulated deficit) 129,281 47,908

Common stock held in treasury at cost, 3,714,289 and 0 shares as of March 31, 2012 and 2011, respectively

  (47,570 )   -  
359,561 316,627
Note receivable for common stock   (41 )   (41 )
Total stockholders' equity   359,520     316,586  
Total liabilities and stockholders' equity $ 642,784   $ 549,645  
 

HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED MARCH 31, 2011 AND 2010
(UNAUDITED)

   
 
2012 2011
(In thousands)
Cash flows from operating activities:
Net income $ 81,373 $ 48,208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 33,752 26,238
Amortization of deferred financing costs 664 1,198
Stock-based compensation 5,935 5,199
Excess tax benefits from stock-based compensation (732 ) (14,913 )
Gain on sales of property and equipment (332 ) (379 )
Loss on early extinguishment of debt - 2,071
Deferred income taxes 9,382 11,612
Asset impairment charges 813 88
Tenant allowances received from landlords 22,895 16,040
Changes in operating assets and liabilities:
Accounts receivable—trade (10,536 ) (1,619 )
Accounts receivable—other (2,836 ) 3,605
Merchandise inventories (70,401 ) (10,505 )
Prepaid expenses and other assets 4,606 (2,706 )
Accounts payable 38,374 (48,976 )
Customer deposits 7,202 1,461
Accrued liabilities (366 ) 19,258
Deferred rent (2,819 ) 1,914
Other long-term liabilities   63     1,203  
Net cash provided by operating activities   117,037     58,997  
Cash flows from investing activities:
Purchases of property and equipment (83,054 ) (59,938 )
Net proceeds from sale leaseback transactions 1,625 -
Proceeds from sales of property and equipment   80     153  
Net cash used in investing activities   (81,349 )   (59,785 )
Cash flows from financing activities:
Purchases of treasury stock (47,570 ) -
Proceeds from exercise of stock options 2,464 4,955
Excess tax benefits from stock-based compensation 732 14,913
Net settlement of shares - payment of witholding tax - (11,122 )
Net decrease in bank overdrafts (4,776 ) (2,263 )
Payments on notes payable - (908 )
Payment of financing costs (88 ) (2,440 )
Payment for early debt extinguishment - (87,433 )
Other, net   -     43  
Net cash used in financing activities   (49,238 )   (84,255 )

Net decrease in cash and cash equivalents

(13,550 ) (85,043 )
Cash and cash equivalents
Beginning of year   72,794     157,837  
End of year $ 59,244   $ 72,794  
Supplemental disclosure of cash flow information:
Interest paid $ 726 $ 3,571
Income taxes paid $ 13,219 $ 1,975
Capital expenditures included in accounts payable $ 1,216 $ 6,581
 

HHGREGG, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF NET INCOME, AS ADJUSTED AND
DILUTED NET INCOME PER SHARE, AS ADJUSTED
(UNAUDITED)

   
Three Months Ended

March 31,

Twelve Months Ended

March 31,

(Amounts in thousands, except share data) 2012   2011 2012   2011

Net income as reported

$

53,630

$

14,634

$

81,373

$

48,208

Adjustments to net income:

Loss related to early extinguishment of debt

 

-

 

2,071

 

-

 

2,071

Asset impairment charges 813 88 813 88
Life insurance proceeds (1) (40,000 ) - (40,000 ) -
Severance paid for death benefits 600 - 600 -
Tax impact of adjustments to net income (2)   (565 )   (863 )   (565 )   (863 )
Net income, as adjusted $ 14,478 $ 15,930 $ 42,221 $ 49,504
Weighted average shares outstanding — Diluted 36,971,100 40,315,607 38,079,685 40,368,223

Diluted net income per share as reported

$

1.45

$

0.36

$

2.14

$

1.19

Tax adjusted impact of above adjustments $ (1.06 ) $ 0.04 $ (1.03 ) $ 0.04
Diluted net income per share, as adjusted $ 0.39 $ 0.40 $ 1.11 $ 1.23
 

(1)

 

Life insurance proceeds were non-taxable.

(2)

Computed using a blended statutory rate of 40%.

 

HHGREGG, INC. AND SUBSIDIARIES

Store Count by Quarter for Fiscal Years 2010, 2011 and 2012

(Unaudited)

                         

FY2010

FY2011

FY2012

Q1   Q2   Q3   Q4 Q1   Q2   Q3   Q4 Q1   Q2   Q3   Q4
 
Beginning Store Count 110 111 118 127 131 157 169 173 173 180 204 208
Store Openings 1 7 10 4 26 12 4 1 7 24 4 -
Store Closures - - (1 ) - - - - (1 ) - - - -
                       
Ending Store Count 111 118 127   131 157 169 173 173   180 204 208 208
 
Note: hhgregg, Inc.'s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.

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

Source: hhgregg, Inc.

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