Hhgregg swings to loss in Q1, on track to open 24 stores in second quarter

Indianapolis -- Electronics and appliances retailer Hhgregg Inc. reported Thursday that it lost $761,000 in the quarter ended June 30, compared with a profit of $2.7 million in the year-ago period. The retailer cited softness in its video business for the weakened performance.

Revenue dipped 1% to $431.5 million, from $436 million a year earlier. Wall Street expected revenue of $488 million. Same-store sales decreased 13.2%.

Hhgregg said that despite the setbacks it is still on track to open 24 stores in its fiscal second quarter, for a total of 31 new store openings in the first half of the year.

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