HHGregg (HGG) Same Store Sales Down 4.8%

HHGregg Inc HGG on Thursday morning released financial results that missed Wall Street expectations. HHGregg Inc reported that its fiscal 4th quarter net income fell to $10 million, or 25 cents per share, down from $13.9 million, or 42 cents per share, a year earlier. Net sales climbed 14.4% to $417.2 million, up from $364.9 million a year earlier, while comparable store sales were down 4.8%. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 26 cents per share. HHGregg Inc forecast full-year 2011 earnings in the range of $1.35 to$1.45 per share, on a net sales increase of 40 to 45%.