UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 8, 2012
hhgregg, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-33600
Delaware | 20-8819207 | |
(State or other jurisdiction of incorporation) |
(IRS Employer Identification No.) |
4151 East 96th Street
Indianapolis, Indiana 46240
(Address of principal executive offices, including zip code)
(317) 848-8710
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
On February 8, 2012 hhgregg, Inc. (the Registrant) issued a press release announcing its results for the three and nine months ended December 31, 2011. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this item.
The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. | Financial Statements and Exhibits |
Exhibit No. |
Description | |
99.1 | Press release of hhgregg, Inc. dated February 8, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
hhgregg, Inc. | ||||
Date: February 8, 2012 | By: | /s/ Jeremy J. Aguilar | ||
Jeremy J. Aguilar | ||||
Chief Financial Officer |
Exhibit Index
Exhibit |
Description | |
99.1 | Press release of hhgregg, Inc. dated February 8, 2012 |
Exhibit 99.1
hhgregg Announces Third Fiscal Quarter Operating Results
Third Quarter Highlights
| Net sales increased 26.9% to $829.5 million |
| Comparable store sales increased 3.9% |
| Net income per diluted share decreased 9.1% to $0.60 vs. net income per diluted share of $0.66 in the prior year quarter |
INDIANAPOLIS, February 8, 2012 - hhgregg, Inc. (NYSE: HGG):
Three Months Ended | Nine Months Ended | |||||||||||||||
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(unaudited) | December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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Net sales |
$ | 829,546 | $ | 653,731 | $ | 1,879,603 | $ | 1,570,632 | ||||||||
Net sales % increase |
26.9 | % | 30.6 | % | 19.7 | % | 40.6 | % | ||||||||
Comparable store sales % increase (decrease) (1) |
3.9 | % | (6.2 | )% | (1.2 | )% | (1.4 | )% | ||||||||
Gross profit as a % of net sales |
27.2 | % | 29.6 | % | 28.4 | % | 29.9 | % | ||||||||
SG&A as a % of net sales |
17.0 | % | 18.1 | % | 19.8 | % | 20.7 | % | ||||||||
Net advertising expense as a % of net sales |
4.8 | % | 3.5 | % | 4.8 | % | 4.3 | % | ||||||||
Depreciation and amortization expense as a % of net sales |
1.1 | % | 1.1 | % | 1.3 | % | 1.2 | % | ||||||||
Income from operations as a % of net sales |
4.5 | % | 7.0 | % | 2.5 | % | 3.8 | % | ||||||||
Net interest expense as a % of net sales |
0.1 | % | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||
Net income |
$ | 22,478 | $ | 26,913 | $ | 27,743 | $ | 33,573 | ||||||||
Net income per diluted share |
$ | 0.60 | $ | 0.66 | $ | 0.72 | $ | 0.83 | ||||||||
Weighted average shares outstanding - diluted |
37,603,767 | 40,495,966 | 38,522,707 | 40,380,370 | ||||||||||||
Number of stores open at the end of period |
208 | 173 |
(1) | Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Companys e-commerce site. |
hhgregg, Inc. (hhgregg or the Company) today reported net income of $22.5 million, or $0.60 per diluted share, for the three month period ended December 31, 2011, compared with net income of $26.9 million, or $0.66 per diluted share, for the comparable prior year period. For the nine month period ended December 31, 2011, net income was $27.7 million, or $0.72 per diluted share, compared with net income of $33.6 million, or $0.83 per diluted share for the comparable prior year period. The decrease in net income for the three month period ended December 31, 2011 was largely due to the decrease in gross profit margin as a percentage of net sales and an increase in net advertising expense as a percentage of net sales, partially offset by an increase in net sales due to the net addition of 35 stores during the past 12 months, a comparable store sales increase of 3.9% and a decrease in SG&A as a percentage of net sales. The decrease in net income for the nine month period ended December 31, 2011 was the result of a comparable store sales decrease of 1.2% and a decrease in gross profit margin as a percentage of net sales, partially offset by an increase in net sales due to the net addition of 35 stores during the past 12 months and a decrease in SG&A as a percentage of net sales.
Dennis May, President and CEO commented, While pleased with our overall comparable store sales increase of 3.9% and market share gains during the third fiscal quarter, we were disappointed with the macro trends across the video category. However, management continues to be pleased with the traction the Company is gaining around its fiscal 2012 initiatives. In particular, our initiatives to gain market share in the appliances category and to grow our home office category sales have produced favorable results. Management believes the Company gained significant market share in both of these categories during the quarter. We are excited about the near term success these initiatives have generated, and believe these investments will continue to produce increased revenue and gross margin dollars per store.
Net sales for the three and nine months ended December 31, 2011 increased 26.9% and 19.7%, respectively, to $829.5 million and $1.9 billion, respectively, compared to the comparable prior year periods. The increase in net sales for the three months ended December 31, 2011 was attributable to the net addition of 35 stores during the past 12 months and a comparable store sales increase of 3.9%. The increase in net sales for the nine months ended December 31, 2011 was attributable to the net addition of 35 stores during the past 12 months, partially offset by a comparable store sales decrease of 1.2%.
Net sales mix and comparable store sales percentage changes by product category for the three and nine months ended December 31, 2011 and 2010 were as follows:
Net Sales Mix Summary | Comparable Store Sales Summary | |||||||||||||||||||||||||||||||
Three Months Ended December 31, |
Nine Months Ended December 31, |
Three Months Ended December 31, |
Nine Months Ended December 31, |
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2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||
Video |
46 | % | 50 | % | 43 | % | 46 | % | (4.8 | )% | (5.9 | )% | (8.1 | )% | (1.7 | )% | ||||||||||||||||
Appliances |
30 | % | 30 | % | 36 | % | 36 | % | 6.8 | % | (5.7 | )% | 0.9 | % | 1.6 | % | ||||||||||||||||
Home Office (1) |
11 | % | 6 | % | 9 | % | 5 | % | 91.4 | % | 31.7 | % | 61.1 | % | 20.0 | % | ||||||||||||||||
Other (2) |
13 | % | 14 | % | 12 | % | 13 | % | (7.1 | )% | (17.1 | )% | (8.3 | )% | (14.0 | )% | ||||||||||||||||
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Total |
100 | % | 100 | % | 100 | % | 100 | % | 3.9 | % | (6.2 | )% | (1.2 | )% | (1.4 | )% | ||||||||||||||||
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(1) | Primarily consists of computers, mobile phones and tablets. |
(2) | Primarily consists of audio, furniture and accessories, mattresses and personal electronics. |
The increase in comparable store sales for the three month period was driven by increases in all major appliance categories and the home office category, partially offset by declines in the video and other categories. The appliance category saw both increased demand as well as an increase in average selling prices driven largely by our initiatives to grow market share and outpace the marketplace in comparable store sales growth. The home office category was led by increased demand for notebooks and the offering of tablet computers and mobile phones. The video category comparable store sales decline was driven by a mid single digit decrease in average selling prices partially offset by increased unit demand. The decrease in comparable store sales for the other category was primarily a result of double digit comparable store sales decreases in camcorders and small electronics, partially offset by strong double digit growth in the mattress category.
Gross profit margin, expressed as gross profit as a percentage of net sales, decreased 237 basis points for the three months ended December 31, 2011 to 27.2% from 29.6% for the comparable prior year period. The decrease was largely due to a decrease in gross profit margin in the video category, which was primarily the result of increased promotional activity during the period. Management expects the gross profit pressure to continue through the end of the fiscal year in the video category. The home office category, which carries a gross profit margin lower than our company average, increased as an overall percentage of our net sales mix, resulting in a decrease in our gross profit margin percentage. Increased sales promotional activity during the quarter also drove modest declines in gross profit margin across other major product categories.
SG&A expense, as a percentage of net sales, decreased 112 basis points for the three month period ended December 31, 2011 compared to the prior year period. The decrease in SG&A as a percentage of net sales was largely a result of sales leverage on occupancy cost and wage expense due to the comparable store sales increase and strong performance from the new stores that opened during fiscal 2012.
Net advertising expense, as a percentage of net sales, increased 125 basis points during the three months ended December 31, 2011 compared to the prior year period. The increase as a percentage of net sales was driven largely by increased promotions to drive market share increases and launch the Companys new mobile department.
Our effective income tax rate for the three months ended December 31, 2011 decreased to 37.8% from 39.2% in the comparable prior year period. The decrease in the effective income tax rate is primarily the result of federal income tax credits recognized under the Hiring Incentives to Restore Employment Act of 2010.
Guidance
Consistent with the Companys pre-release on January 10, 2012, The Company expects net income per diluted share will be within a range of $1.05 to $1.15 for fiscal 2012.
Included in the Companys guidance, are the following annual assumptions:
| fiscal 2012 comparable store sales of flat to positive 2% |
| fiscal 2012 net sales increase of 22% to 24% |
Teleconference and Webcast
hhgregg will be conducting a conference call to discuss operating results for the nine months ended December 31, 2011, on Wednesday, February 8, 2012 at 9:00 a.m. (Eastern Time). Interested investors and other parties may listen to a simultaneous webcast of the conference call by logging onto hhgreggs 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.
About hhgregg
hhgregg is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg. hhgregg currently operates 208 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 hhgreggs 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 hhgreggs 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 Companys 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 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 Companys 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 Companys fiscal 2011 Form 10-K filed May 26, 2011. 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.
Contact: | Andy Giesler, Vice President of Finance | |
investorrelations@hhgregg.com | ||
(317) 848-8710 |
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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(In thousands, except share and per share data) | ||||||||||||||||
Net sales |
$ | 829,546 | $ | 653,731 | $ | 1,879,603 | $ | 1,570,632 | ||||||||
Cost of goods sold |
603,640 | 460,190 | 1,346,705 | 1,100,371 | ||||||||||||
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Gross profit |
225,906 | 193,541 | 532,898 | 470,261 | ||||||||||||
Selling, general and administrative expenses |
140,609 | 118,110 | 371,529 | 325,159 | ||||||||||||
Net advertising expense |
39,488 | 22,939 | 90,148 | 66,795 | ||||||||||||
Depreciation and amortization expense |
8,765 | 6,944 | 24,236 | 19,337 | ||||||||||||
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Income from operations |
37,044 | 45,548 | 46,985 | 58,970 | ||||||||||||
Other expense (income): |
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Interest expense |
881 | 1,288 | 1,964 | 3,739 | ||||||||||||
Interest income |
(1 | ) | (5 | ) | (5 | ) | (19 | ) | ||||||||
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Total other expense |
880 | 1,283 | 1,959 | 3,720 | ||||||||||||
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Income before income taxes |
36,164 | 44,265 | 45,026 | 55,250 | ||||||||||||
Income tax expense |
13,686 | 17,352 | 17,283 | 21,677 | ||||||||||||
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Net income |
$ | 22,478 | $ | 26,913 | $ | 27,743 | $ | 33,573 | ||||||||
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Net income per share |
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Basic |
$ | 0.60 | $ | 0.68 | $ | 0.73 | $ | 0.85 | ||||||||
Diluted |
$ | 0.60 | $ | 0.66 | $ | 0.72 | $ | 0.83 | ||||||||
Weighted average shares outstanding-basic |
37,154,446 | 39,583,521 | 38,167,304 | 39,289,391 | ||||||||||||
Weighted average shares outstanding-diluted |
37,603,767 | 40,495,966 | 38,522,707 | 40,380,370 |
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, 2011 |
December 31, 2010 |
December 31, 2011 |
December 31, 2010 |
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Net sales |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of goods sold |
72.8 | 70.4 | 71.6 | 70.1 | ||||||||||||
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Gross profit |
27.2 | 29.6 | 28.4 | 29.9 | ||||||||||||
Selling, general and administrative expenses |
17.0 | 18.1 | 19.8 | 20.7 | ||||||||||||
Net advertising expense |
4.8 | 3.5 | 4.8 | 4.3 | ||||||||||||
Depreciation and amortization expense |
1.1 | 1.1 | 1.3 | 1.2 | ||||||||||||
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Income from operations |
4.5 | 7.0 | 2.5 | 3.8 | ||||||||||||
Other expense (income): |
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Interest expense |
0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||
Interest income |
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Total other expense |
0.1 | 0.2 | 0.1 | 0.2 | ||||||||||||
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Income before income taxes |
4.4 | 6.8 | 2.4 | 3.5 | ||||||||||||
Income tax expense |
1.6 | 2.7 | 0.9 | 1.4 | ||||||||||||
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Net income |
2.7 | % | 4.1 | % | 1.5 | % | 2.1 | % | ||||||||
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Certain percentage amounts do not sum due to rounding
HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2011, MARCH 31, 2011 AND DECEMBER 31, 2010
(UNAUDITED)
December 31, 2011 |
March 31, 2011 |
December 31, 2010 |
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(In thousands, except share data) | ||||||||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 5,351 | $ | 72,794 | $ | 71,536 | ||||||
Accounts receivabletrade, less allowances of $97, $134 and $193, respectively |
31,627 | 8,931 | 16,093 | |||||||||
Accounts receivableother |
31,744 | 19,806 | 29,649 | |||||||||
Merchandise inventories, net |
415,901 | 212,008 | 363,515 | |||||||||
Prepaid expenses and other current assets |
5,257 | 11,062 | 3,439 | |||||||||
Income tax receivable |
| | 3,840 | |||||||||
Deferred income taxes |
8,203 | 5,606 | 8,173 | |||||||||
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Total current assets |
498,083 | 330,207 | 496,245 | |||||||||
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Net property and equipment |
207,971 | 162,781 | 154,187 | |||||||||
Deferred financing costs, net |
2,822 | 3,232 | 2,292 | |||||||||
Deferred income taxes |
40,180 | 52,385 | 53,499 | |||||||||
Other assets |
1,219 | 1,040 | 1,015 | |||||||||
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Total long-term assets |
252,192 | 219,438 | 210,993 | |||||||||
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Total assets |
$ | 750,275 | $ | 549,645 | $ | 707,238 | ||||||
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Liabilities and Stockholders Equity |
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Current liabilities: |
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Accounts payable |
$ | 214,093 | $ | 94,363 | $ | 176,387 | ||||||
Line of credit |
28,145 | | | |||||||||
Current maturities of long-term debt |
| | 908 | |||||||||
Customer deposits |
32,234 | 21,791 | 23,719 | |||||||||
Accrued liabilities |
72,751 | 49,191 | 56,805 | |||||||||
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Total current liabilities |
347,223 | 165,345 | 257,819 | |||||||||
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Long-term liabilities: |
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Long-term debt, excluding current maturities |
| | 86,752 | |||||||||
Other long-term liabilities |
86,883 | 67,714 | 63,320 | |||||||||
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Total long-term liabilities |
86,883 | 67,714 | 150,072 | |||||||||
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Total liabilities |
434,106 | 233,059 | 407,891 | |||||||||
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Stockholders equity: |
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Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2011, March 31, 2011 and December 31, 2010, respectively |
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Common stock, par value $.0001; 150,000,000 shares authorized; 39,955,572, 39,724,737 and 39,702,904 shares issued; and 37,241,283, 39,724,737 and 39,702,904 shares outstanding as of December 31, 2011, March 31, 2011 and December 31, 2010 respectively |
4 | 4 | 4 | |||||||||
Additional paid-in capital |
275,555 | 268,715 | 266,814 | |||||||||
Accumulated other comprehensive loss |
| | (703 | ) | ||||||||
Retained earnings |
75,651 | 47,908 | 33,273 | |||||||||
Common stock held in treasury at cost, 2,714,289, 0 and 0 shares as of December 31, 2011, March 31, 2011 and December 31, 2010, respectively |
(35,000 | ) | | | ||||||||
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316,210 | 316,627 | 299,388 | ||||||||||
Note receivable for common stock |
(41 | ) | (41 | ) | (41 | ) | ||||||
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Total stockholders equity |
316,169 | 316,586 | 299,347 | |||||||||
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Total liabilities and stockholders equity |
$ | 750,275 | $ | 549,645 | $ | 707,238 | ||||||
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HHGREGG, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 31, 2011 AND 2010
(UNAUDITED)
Nine Months Ended | ||||||||
December 31, 2011 |
December 31, 2010 |
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(In thousands) | ||||||||
Cash flows from operating activities: |
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Net income |
$ | 27,743 | $ | 33,573 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Depreciation and amortization |
24,236 | 19,337 | ||||||
Amortization of deferred financing costs |
498 | 904 | ||||||
Stock-based compensation |
4,541 | 3,934 | ||||||
Excess tax benefits from stock-based compensation |
(419 | ) | (14,484 | ) | ||||
Gain on sales of property and equipment |
(195 | ) | (297 | ) | ||||
Deferred income taxes |
9,608 | 8,396 | ||||||
Tenant allowances received from landlords |
17,097 | 14,421 | ||||||
Changes in operating assets and liabilities: |
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Accounts receivabletrade |
(22,696 | ) | (8,781 | ) | ||||
Accounts receivableother |
(11,938 | ) | (6,238 | ) | ||||
Merchandise inventories |
(203,893 | ) | (162,012 | ) | ||||
Income tax receivable |
| 11,268 | ||||||
Prepaid expenses and other assets |
5,626 | 4,318 | ||||||
Accounts payable |
94,207 | 36,898 | ||||||
Customer deposits |
10,443 | 3,389 | ||||||
Accrued liabilities |
23,979 | 11,959 | ||||||
Other long-term liabilities |
2,265 | (26 | ) | |||||
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Net cash used in operating activities |
(18,898 | ) | (43,441 | ) | ||||
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Cash flows from investing activities: |
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Purchases of property and equipment |
(74,996 | ) | (49,006 | ) | ||||
Proceeds from sales of property and equipment |
4 | 120 | ||||||
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Net cash used in investing activities |
(74,992 | ) | (48,886 | ) | ||||
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Cash flows from financing activities: |
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Purchases of treasury stock |
(35,000 | ) | | |||||
Proceeds from exercise of stock options |
1,880 | 4,748 | ||||||
Excess tax benefits from stock-based compensation |
419 | 14,484 | ||||||
Net settlement of shares - payment of witholding tax |
| (11,122 | ) | |||||
Net increase (decrease) in bank overdrafts |
31,091 | (1,446 | ) | |||||
Net borrowings on line of credit |
28,145 | | ||||||
Payments on notes payable |
| (681 | ) | |||||
Payment of financing costs |
(88 | ) | | |||||
Other, net |
| 43 | ||||||
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Net cash provided by financing activities |
26,447 | 6,026 | ||||||
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Net decrease in cash and cash equivalents |
(67,443 | ) | (86,301 | ) | ||||
Cash and cash equivalents |
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Beginning of period |
72,794 | 157,837 | ||||||
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End of period |
$ | 5,351 | $ | 71,536 | ||||
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Supplemental disclosure of cash flow information: |
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Interest paid |
$ | 445 | $ | 2,710 | ||||
Income taxes paid |
$ | 5,542 | $ | 1,653 | ||||
Capital expenditures included in accounts payable |
$ | 1,013 | $ | 1,914 |
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 | ||||||||||||||||||||||||||||||||||
Beginning Store Count |
110 | 111 | 118 | 127 | 131 | 157 | 169 | 173 | 173 | 180 | 204 | |||||||||||||||||||||||||||||||||
Store Openings |
1 | 7 | 10 | 4 | 26 | 12 | 4 | 1 | 7 | 24 | 4 | |||||||||||||||||||||||||||||||||
Store Closures |
| | (1 | ) | | | | | (1 | ) | | |||||||||||||||||||||||||||||||||
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Ending Store Count |
111 | 118 | 127 | 131 | 157 | 169 | 173 | 173 | 180 | 204 | 208 | |||||||||||||||||||||||||||||||||
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Note: hhgregg, Inc.s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.