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.
The article hhgregg Q4 Net Drops 82% but Beats Estimates originally appeared on Fool.com.Fool contributor Eric Volkman has no position in hhgregg. The Motley Fool recommends hhgregg. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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