Thursday, hhgregg Inc. (HGG) said its second-quarter net income increased to $4.94 million or $0.13 per share from $3.39 million or $0.10 per share in the prior year period. On average, 114 analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter.
Net sales for the quarter rose to $332.17 million from $320.30 million in the comparable period. Twelve analysts estimated revenues of $324.49 million for the quarter. Comparable store sales for the quarter declined to 9.4% compared with a decrease of 8.8% last year.
The company is tightening its fiscal 2010 net income per share guidance to $0.90 - $1.00 from its previous range of $0.85 - $1.00. Fourteen analysts estimate earnings of $0.96 per share for the year.
In addition, the company is updating its guidance for net sales growth of 6% - 9% for the fiscal year, implying an expectation of a comparable store sales decline of 6% - 9% for fiscal 2010, from prior sales growth guidance of of 3% - 7%, which had implied an expectation of a comparable store sales decline of 7% - 12%.
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