HHGregg Hits 52-Week Low On Sales Miss And Lowered Guidance (HGG)

Shares of Indianapolis, Indiana-based hhGregg, Inc. HGG are currently down 6.4% at $17.48 per share during Tuesday afternoon trading. Today's trading range for shares of hhGregg, Inc has been between a 52-week low of $17.27 and $18.11 per share. The consensus price target of analysts covering the company's stock is $24.64 per share. Volume of 2.6 million shares is already nearly 4 times the daily average volume of 742,000 shares. hhGregg, Inc. (HGG) released financial results early Tuesday morning and lowered its full-year earnings guidance. hhGregg, Inc reported 3rd quarter earnings of 66 cents per share, on revenue of $653.73 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 65 cents per share, on revenue of $654.68 million. The company lowered its 2011 full-year guidance of net income to a range of $1.10 to $1.15 per share, down from the previous range of $1.15 to $1.23. President and Chief Executive Officer Dennis May said, “Despite softer than originally expected industry holiday sales, we are pleased with the manner in which the Company navigated through the environment while growing bottom-line earnings. We continue to be pleased with our new store sales productivity and our team's execution in both new and existing markets." hhGregg, Inc is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg. Read more from Benzinga's Company news.