hhgregg Q4 Net Drops 82% but Beats Estimates

hhgregg results for the company's Q4 and fiscal 2013 have been released. For the quarter, net sales declined by 2.6% on a year-over-year basis to $598 million. A much steeper decline was recorded in net profit, which fell to $9.9 million ($0.31 per diluted share) from Q4 2012's $53.6 million ($1.45).

Analysts had expected revenue of $623 million and EPS of $0.29.

For the full year, top line was $2.47 billion, down slightly from the 2012 figure of $2.49 billion. Bottom line came in at $25.4 million ($0.74 per diluted share) for the year against 2012's $81.4 million ($2.14).

hhgregg also provided selected forward guidance for its upcoming fiscal year. It believes that net sales will rise by 1%-3.5% on a year-over-year basis in 2014, with comparable-store sales growth ranging from -2.5% to 0%. It anticipates it will require capital expenditures of $28 million-$32 million.

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