Hhgregg Beats Estimates - Analyst Blog
31 5월 2011 - 8:23PM
Zacks
Hhgregg Inc. (HGG) reported its fourth-quarter
and full year 2011 operating results. Income from continuing
operations for the quarter were $15.9 million or 39 cents per
share, which was above the Zacks Consensus Estimate of 29
cents.
Both net income and earnings increased 59% and 56% respectively
in the year-ago quarter. The increase was primarily attributable to
strong inventory management and higher merchandise margins.
For the full year 2011, net income was $49.4 million or $1.22
per share compared to $39.2 million or $1.03 per share.
Quarter in Detail
Hhgregg’s net sales rose 21.5% to $507 million in the reported
quarter. This was due to a net addition of 42 stores during the
past one year partially offset by 10.8% decline in comparable store
sales.
The decrease in same-store sales of Hhgregg was attributable to
a 3.0% decrease in the video category during the three-month period
ended March 31, 2011 as a result of a decrease in unit demand, a
double-digit decline in average selling prices due to
lower-than-expected demand for emerging technologies.
For the full year 2011, net sales surged 35.4% to $2.1 billion
attributable to the net new addition of stores, partially offset by
a decline of 4.0%.
Gross margin based on net sales increased 92 basis points to
31.5% in the current quarter. The increase was primarily driven by
improved margin performance in the appliance category.
SG&A based on net sales also plunged approximately 89 basis
points in the fourth quarter of 2011 due to increased leverage of
expenses based on the company's overall increase in sales.
Net advertising expense based on net sales increased
approximately 38 basis points in the reported quarter.
Cash Flow, Balance Sheet and Share
Repurchase
The company ended the year with cash and cash equivalents of $48
million while net cash provided by operating activities declined to
$60 million compared to $107.8 million in the prior year. The
decline was primarily attributable to higher working capital
requirements. The company has no long term debt.
The Board of Directors authorized $50 million share repurchase
plan.
Guidance
Concurrent to the earnings release, management provided an outlook
for fiscal 2012. For fiscal 2012, the company expects earnings to
be in the range of $1.20 to $1.35 a share. The Zacks Consensus
Estimate is in the mid range of the company’s guidance at $1.30 a
share.
Net sales for the year are expected to increase in the 15% to
20% range, while comparable store sales are expected to be negative
3% to flat. During fiscal 2012, the company expects to open 35 to
40 net new stores. Capital expenditures for the year are expected
to be in the range of $75 million to $80 million.
hhgregg, Inc. operates as a specialty retailer of consumer
electronics, home appliances, and related services and primarily
competes with Best Buy Co.Inc. (BBY). hhgregg
currently has a Zacks #3 Rank, which implies a short term Hold’
rating on the stock.
BEST BUY (BBY): Free Stock Analysis Report
HHGREGG INC (HGG): Free Stock Analysis Report
Zacks Investment Research
HHGREGG (CE) (USOTC:HGGGQ)
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HHGREGG (CE) (USOTC:HGGGQ)
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