Dive Brief:
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Electronics and appliance retailer Hhgregg Inc. Friday reported a Q4 loss of $25.2 million, worse than its loss in Q4 2014 of $7.2 million, that was worse than expected.
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Same-store sales fell 10%. Computer and tablet sales fell 38%, home products sales fell 13%, consumer product sales fell 9.8%, and appliance sales fell 5%.
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CEO Dennis May said the Indianapolis-based company has found ways to further cut costs, which may include store closures, and is still in the midst of marketing and merchandise changes.
Dive Insight:
Selling electronics and appliances has been a tough retail game in recent years. RadioShack is emerging from its bankruptcy a shadow of its former self, while Best Buy has seen its fortunes wobble, gaining strength from its efforts to leverage stores within stores, but mostly on cost cutting.
Hhgregg, which is similarly focused on cutting costs, will have to make strong moves to see much success, and what’s really possible remains a question.