OPERATIONS

Hhgregg COO resigns

BY Dan Berthiaume

Indianapolis – Gregg W. Throggmartin, COO of Hhgregg Inc., has resigned as the executive VP and COO of the company and as a member of the board, effective March 31, 2014. Throgmartin is leaving Hhgregg to pursue outside interests and manage family businesses.

Hhgregg will commence a search for a new COO. In the interim, other operations officers of the company will fulfill the responsibilities of Throgmartin.

“I want to thank Hhgregg for everything the company has meant to both my life and career,” said Throggmartin. “I believe that the company is in great hands and that the strategic initiatives the company is embarking on will continue to make the company prosperous. I wish the company the best in its future endeavors.”

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News

99 Cents rides sales momentum in third quarter

BY CSA STAFF

Continued positive sales momentum in its business and an increase in foot traffic increase at its stores fueled 99 Cents Only Stores’ third-quarter results.

The company’s net sales increased 11% to $487.9 million from $439.5 million for the prior-year quarter. Same-store sales increased 3%.

"Our results were positively impacted by our efforts to improve our product costs as part of a shift toward higher margin seasonal and general merchandise," stated CEO Stephane Gonthier. "We are excited to roll out several new changes to the appearance of our stores to improve customer experience and drive sales growth. We look forward to further discussing our strategy and results on today’s earnings release conference call."

During the quarter, the company opened 11 net new stores. As of the end of the third quarter of fiscal 2014, the company operated 340 stores, an increase of 10% in store count over last year.

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REAL ESTATE

Hastings Entertainment selects Actions Services Group for maintenance

BY Dan Berthiaume

Aston, Pa. — Hastings Entertainment, a 136-unit multimedia entertainment retail chain, has signed an agreement for Actions Services Group to provide interior lighting maintenance to locations in the states of Arizona, Arkansas, Colorado, Montana, New Mexico, Oklahoma, Texas and Wyoming.

The multi-year lighting maintenance program covers scheduled bi-monthly interior lighting inspection and service to the designated locations as well as on-demand exterior lighting maintenance for selected store locations. The lighting maintenance program also covers Action Services Group managing bulb and ballast manufacturers’ warranty coverage to reduce product replacement costs as applicable.

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