HGG: HHGregg Blames Weather for Serious Sales Shortfall

It also sharply cut its outlook for last year's earnings

   

HGG: HHGregg Blames Weather for Serious Sales Shortfall

Shares of HHGregg (HGG) tumbled more than 13% on Tuesday after the retailer offered dismal quarterly guidance.

hhgreggLogo HGG: HHGregg Blames Weather for Serious Sales ShortfallHHGregg said it now anticipates a fiscal fourth-quarter adjusted loss of 17 cents per share. That badly disappointed analysts, who were looking for a profit of 10 cents per share. For the quarter, HGG expects to post revenue of $538.3 million, which also missed the $552 million that Wall Street had forecast, the Wall Street Journal noted.

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HGG officials blamed poor fiscal fourth-quarter performance on bad weather across Middle Atlantic and Midwestern states, which kept consumers away from stores.

For the last full fiscal year, HGG slashed its outlook from prior estimates of a profit of between 30 cents and 40 cents per share, down to earnings of just 9 cents per share.

HGG stock closed at $8.71 per share on Monday. Over the past 12 months, HGG stock has declined by more than 25%.

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