Indianapolis-based appliance and electronics retailer, hhgregg Inc. (HGG: Quote) reported preliminary results for the third quarter and revised its fiscal 2013 forecast.
Looking ahead to the third quarter of 2013, the company expects net income of around $17.4 million, or $0.51 per share. The company said third quarter 2013 earnings were negatively impacted by lower than expected sales performance in the video category. Third fiscal quarter 2013 results include a $0.5 million charge related to impairment for one store. Adjusted net income for the three months ended December 31, 2012 is anticipated to be approximately $17.7 million, or $0.52 per share.
The company sees third-quarter net sales to be about $799.6 million, while comparable-store sales are likely to have decreased some 9.7%.
For fiscal 2013, the company now projects net income per share to be within a range of $0.70 to $0.80, versus its previous $0.90 to $1.05 range, with annual net sales increase of flat to 1.0%, compared with prior view of net sales increase of 3.0% to 6.0%.
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by RTT Staff Writer
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