Exhibit 99.1
hhgregg Announces Fiscal Third Quarter Operating Results
Third Quarter Highlights
| • | Net sales increased 30.6% to $653.7 million |
| • | Comparable store sales for the fiscal quarter decreased 6.2% |
| • | Net income increased 18.4% to $26.9 million and net income per diluted share increased 15.8% to $0.66 |
| • | Company opened 4 new stores in the third quarter for a total of 42 in fiscal year 2011, and remains on track to open a total of 43 new stores in fiscal year 2011 |
| • | Company is updating its annual guidance of net income per diluted share to a range of $1.10 to $1.15 in fiscal year 2011 from a previous range of $1.15 to $1.23. |
INDIANAPOLIS, February 8, 2011/Businesswire, hhgregg, Inc. (NYSE: HGG):
| Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
| (unaudited, dollar amounts in thousands, except per share data ) | ||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Net sales | $ | 653,731 | $ | 500,392 | $ | 1,570,632 | $ | 1,116,960 | ||||||||
Net sales % increase | 30.6 | % | 20.3 | % | 40.6 | % | 8.3 | % | ||||||||
Comparable store sales % (decrease)(1) | (6.2 | )% | (0.2 | )% | (1.4 | )% | (7.2 | )% | ||||||||
Gross profit as a % of net sales | 29.6 | % | 30.5 | % | 29.9 | % | 30.4 | % | ||||||||
SG&A as a % of net sales | 18.1 | % | 18.5 | % | 20.7 | % | 20.9 | % | ||||||||
Net advertising expense as a % of net sales | 3.5 | % | 3.4 | % | 4.3 | % | 3.8 | % | ||||||||
Depreciation and amortization expense as a % of net sales | 1.1 | % | 0.9 | % | 1.2 | % | 1.1 | % | ||||||||
Income from operations as a % of net sales | 7.0 | % | 7.6 | % | 3.8 | % | 4.6 | % | ||||||||
Net interest expense as a % of net sales | 0.2 | % | 0.3 | % | 0.2 | % | 0.4 | % | ||||||||
Net income | $ | 26,913 | $ | 22,735 | $ | 33,573 | $ | 29,151 | ||||||||
Net income per diluted share | $ | 0.66 | $ | 0.57 | $ | 0.83 | $ | 0.78 | ||||||||
Number of stores open at the end of the period | 173 | 127 | ||||||||||||||
| (1) | Comprised of net sales at stores in operation for at least 14 full months, including remodeled and relocated stores, as well as net sales for the Company’s e-commerce site. |
hhgregg, Inc. (“hhgregg” or the “Company”) today reported net income of $26.9 million for the three months ended December 31, 2010, or $0.66 of net income per diluted share, compared with net income of $22.7 million, or $0.57 of net income per diluted share for the comparable prior year period. For the nine month period ended December 31, 2010, net income was $33.6 million, or $0.83 of net income per diluted share, compared with net income of $29.2 million, or $0.78 of net income per diluted share for the comparable prior year period. The 18.4% and 15.2% increase in net income for the three and nine month periods ended December 31, 2010, respectively, as compared to the same periods in the prior year was the result of an increase in net sales due to the net addition of 46 stores during the past 12 months, offset by a decrease in gross margin rate, increased advertising as a percentage of net sales and comparable store sales decreases of 6.2% and 1.4%, respectively.
Dennis May, President and Chief Executive Officer of the Company, commented, “Despite softer than originally expected industry holiday sales, we are pleased with the manner in which the Company navigated through the environment while growing bottom-line earnings. We continue to be pleased with our new store sales productivity and our team’s execution in both new and existing markets. As a result, we remain confident in our ability to continue to gain market share as we enter new markets and move closer to becoming a national retail chain.”
Net sales for the three and nine months ended December 31, 2010 increased 30.6% and 40.6%, respectively, to $653.7 million and $1.6 billion, respectively, compared to the comparable prior year periods. The increases in net sales for the three and nine months ended December 31, 2010 were primarily attributable to the net addition of 46 stores during the past 12 months, offset by 6.2% and 1.4% decreases in comparable store sales for the three and nine month periods ended December 31, 2010, respectively.
Net sales mix and comparable store sales percentage changes by product category for the three and nine months ended December 31, 2010 and 2009 were as follows:
| Net Sales Mix Summary | Comparable Store Sales Summary | |||||||||||||||||||||||||||||||
| Three Months Ended December 31, | Nine Months Ended December 31, | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||
Video | 50 | % | 50 | % | 46 | % | 46 | % | (5.9 | )% | (7.5 | )% | (1.7 | )% | (12.4 | )% | ||||||||||||||||
Appliances | 30 | % | 30 | % | 36 | % | 36 | % | (5.7 | )% | 7.5 | % | 1.6 | % | (6.3 | )% | ||||||||||||||||
Other(1) | 20 | % | 20 | % | 18 | % | 18 | % | (7.9 | )% | 9.6 | % | (6.7 | )% | 6.5 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | (6.2 | )% | (0.2 | )% | (1.4 | )% | (7.2 | )% | ||||||||||||||||
| (1) | Primarily consists of audio, furniture and accessories, mattresses, notebook computers and personal electronics. |
Comparable store sales in the appliance category decreased 5.7% during the three month period ended December 31, 2010 as a result of moderate decreases in unit demand and average selling price. The strong demand in the first fiscal quarter of 2011 associated with the appliance stimulus programs pulled demand in the appliance category into the first fiscal quarter, thus negatively impacting our results and comparable store sales in our second and third fiscal quarters. This resulted in an overall comparable store sales increase in the appliance category of 1.6% for the nine month period ended December 31, 2010. For the three and nine month periods ended December 31, 2010, the decreases in comparable store sales for the video category were due primarily to a double digit decrease in average selling prices driven by lower than expected demand for emerging technologies, partially offset by continued strong overall video unit demand. The comparable store sales decreases in the other category for the three and nine month periods ended December 31, 2010 were due primarily to double digit comparable store sales decreases in small electronics and camcorders, partially offset by double digit increases in sales of notebook computers.
Gross profit margin, expressed as gross profit as a percentage of net sales, decreased approximately 87 basis points for the three months ended December 31, 2010 to 29.6% from 30.5% for the comparable prior year period, and decreased approximately 45 basis points for the nine months ended December 31, 2010 to 29.9% from 30.4% for the comparable prior year period. The decreases in the gross profit margin percentage for the three and nine month periods were primarily due to a net sales mix shift within the video category. The video category saw a greater increase in demand of entry level products, including smaller screen sizes which carry lower margins than bigger, more feature rich screen sizes. The other category gross profit margin percentage increased slightly in the three and nine month periods ended December 31, 2010, but carries a gross margin percentage less than the Company average.
SG&A, as a percentage of net sales, decreased approximately 46 basis points for the three month period ended December 31, 2010 and decreased approximately 19 basis points for the nine month period ended December 31, 2010, compared with the respective prior year periods. The improvement for the three and nine month periods is primarily due to increased leverage of expenses based on the Company’s overall increase in sales. Included in SG&A for the nine month period ended December 31, 2010 was $4.4 million of investments, including training, relocation and travel expenses incurred in connection with launching new stores in the Mid-Atlantic region.
Net advertising expense, as a percentage of net sales, increased approximately 7 basis points during the three months ended December 31, 2010 and increased approximately 45 basis points during the nine months ended December 31, 2010 when compared with the respective comparable prior year periods. The increase in net advertising expense as a percentage of net sales for the three month period was the result of increased spend as a percentage of net sales due to decreases in comparable store sales slightly offset by greater advertising support from vendors. The increase in advertising expense as a percentage of net sales for the nine month period was primarily driven by increased spend associated with the grand opening of 42 stores during the nine month period ended December 31, 2010, compared to the grand opening of 18 stores in the comparable prior year period, in addition to the comparable store sales decrease for the nine month period, slightly offset by greater advertising support from vendors.
The Company’s effective income tax rate for the three months ended December 31, 2010 increased to 39.2% compared to 38.5% in the comparable prior year period. The Company’s effective income tax rate for the nine months ended December 31, 2010 increased to 39.2% compared to 38.5% in the comparable prior year period. The increase in the Company’s effective income tax rate is primarily the result of changes in the expected annual effective state income tax rate for fiscal 2011.
Guidance
For fiscal year 2011, the Company is updating its annual net income per diluted share guidance to a range of $1.10 to $1.15; the previous range was for net income per diluted share of $1.15 to $1.23.
Included in the Company’s guidance, are the following assumptions for fiscal year 2011:
| • | Net sales increase of 36% to 37%, updated from a previous assumption of a net sales increase of 38% to 40% |
| • | Comparable store sales decline of negative 5% to negative 4%, updated from a previous assumption of comparable stores sales decline of negative 3% to negative 1% |
| • | The opening of 43 new stores, all of which are open as of the date of this release |
| • | Net capital expenditures of approximately $42 million to $47 million |
| • | An effective income tax rate of 39.0% to 39.5% |
| • | Start-up investments of $9.9 million in warehouse, distribution, management training, pre-opening occupancy and relocation costs associated with the accelerated Mid-Atlantic expansion |
Jeremy Aguilar, Chief Financial Officer of the Company, commented, “Through our fourth fiscal quarter to date, we have continued to see challenging top-line results due to industry headwinds along with experiencing the negative effects of inclement weather across our chain during our important Super Bowl selling season. Excluding the adverse weather of the past week, we believe we were tracking in line with our previous earnings guidance as a result of favorable gross margins and continued expense control. However, in light of our reduced sales assumptions, we are reducing our earnings per diluted share guidance for fiscal year 2011.”
Teleconference and Webcast
hhgregg will be conducting a conference call to discuss operating results for the three and nine months ended December 31, 2010, on Tuesday, February 8, 2011 at 9:00 a.m. (Eastern Time). Interested investors and other parties may listen to a simultaneous web cast of the conference call by logging onto hhgregg’s website at www.hhgregg.com. The on-line replay will be available for a limited time immediately following the call. The call can also be accessed live over the phone by dialing (877) 304-8963. Callers should reference the hhgregg earnings call.
About hhgregg
hhgregg is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg™. hhgregg currently operates 174 stores in Alabama, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
Safe Harbor Statement
The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release includes forward-looking statements. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the expectations, beliefs, plans, objectives, assumptions or future events or performance of hhgregg, Inc. are forward-looking statements.
hhgregg has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While hhgregg believes these expectations, assumptions, estimates and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These and other important factors may cause hhgregg’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the key factors that could cause actual results to differ from hhgregg’s expectations are: the effect of general and regional economic and employment conditions on its net sales; impact of average selling prices on net sales; competition in existing, adjacent and new metropolitan markets; changes in consumer preferences; its ability to effectively manage and monitor its operations, costs and service quality; its reliance on a small number of suppliers; rapid inflation or deflation in core product prices; the failure of manufacturers to introduce new products and technologies; customer acceptance of new technology; its dependence on the Company’s key management personnel and its ability to attract and retain qualified sales personnel; its ability to negotiate with its suppliers to provide product on a timely basis at competitive prices; the identification and acquisition of suitable sites for its stores and the negotiation of acceptable leases for those sites; fluctuation in seasonal demand; its ability to maintain its rate of growth and penetrate new geographic areas; its ability to locate suitable new store sites; its ability to obtain additional financing and maintain its credit facilities; its ability to maintain and upgrade its information technology systems; the effect of a disruption at the Company’s central distribution centers; changes in cost for advertising; and changes in legal and/or trade regulations, currency fluctuations and prevailing interest rates.
Other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K filed with the Securities Exchange Commission on May 27, 2010. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. hhgregg does not undertake, and specifically declines, any obligation to update any of these statements or to publicly announce the results of any revisions to any of these statements to reflect future events or developments.
Contact: Andy Giesler, Vice President of Finance
investorrelations@hhgregg.com
(317) 848-8710
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(UNAUDITED)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | |||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
Net sales | $ | 653,731 | $ | 500,392 | $ | 1,570,632 | $ | 1,116,960 | ||||||||
Cost of goods sold | 460,190 | 347,888 | 1,100,371 | 777,461 | ||||||||||||
Gross profit | 193,541 | 152,504 | 470,261 | 339,499 | ||||||||||||
Selling, general and administrative expenses | 118,110 | 92,715 | 325,159 | 233,326 | ||||||||||||
Net advertising expense | 22,939 | 17,189 | 66,795 | 42,477 | ||||||||||||
Depreciation and amortization expense | 6,944 | 4,345 | 19,337 | 12,324 | ||||||||||||
Income from operations | 45,548 | 38,255 | 58,970 | 51,372 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense | 1,288 | 1,317 | 3,739 | 3,972 | ||||||||||||
Interest income | (5 | ) | (4 | ) | (19 | ) | (18 | ) | ||||||||
Total other expense | 1,283 | 1,313 | 3,720 | 3,954 | ||||||||||||
Income before income taxes | 44,265 | 36,942 | 55,250 | 47,418 | ||||||||||||
Income tax expense | 17,352 | 14,207 | 21,677 | 18,267 | ||||||||||||
Net income | $ | 26,913 | $ | 22,735 | $ | 33,573 | $ | 29,151 | ||||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.68 | $ | 0.59 | $ | 0.85 | $ | 0.81 | ||||||||
Diluted | $ | 0.66 | $ | 0.57 | $ | 0.83 | $ | 0.78 | ||||||||
Weighted average shares outstanding-Basic | 39,583,521 | 38,393,715 | 39,289,391 | 36,056,798 | ||||||||||||
Weighted average shares outstanding-Diluted | 40,495,966 | 39,736,739 | 40,380,370 | 37,350,450 | ||||||||||||
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(AS A PERCENTAGE OF NET SALES)
(UNAUDITED)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| December 31, 2010 | December 31, 2009 | December 31, 2010 | December 31, 2009 | |||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of goods sold | 70.4 | 69.5 | 70.1 | 69.6 | ||||||||||||
Gross profit | 29.6 | 30.5 | 29.9 | 30.4 | ||||||||||||
Selling, general and administrative expenses | 18.1 | 18.5 | 20.7 | 20.9 | ||||||||||||
Net advertising expense | 3.5 | 3.4 | 4.3 | 3.8 | ||||||||||||
Depreciation and amortization expense | 1.1 | 0.9 | 1.2 | 1.1 | ||||||||||||
Income from operations | 7.0 | 7.6 | 3.8 | 4.6 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense | 0.2 | 0.3 | 0.2 | 0.4 | ||||||||||||
Interest income | — | — | — | — | ||||||||||||
Total other expense | 0.2 | 0.3 | 0.2 | 0.4 | ||||||||||||
Income before income taxes | 6.8 | 7.4 | 3.5 | 4.2 | ||||||||||||
Income tax expense | 2.7 | 2.8 | 1.4 | 1.6 | ||||||||||||
Net income | 4.1 | % | 4.5 | % | 2.1 | % | 2.6 | % | ||||||||
Certain percentage amounts do not sum due to rounding
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2010, MARCH 31, 2010 AND DECEMBER 31, 2009
(UNAUDITED)
| December 31, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||
| (In thousands, except share data) | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 71,536 | $ | 157,837 | $ | 99,667 | ||||||
Accounts receivable—trade, less allowances of $193, $177 and $125, respectively | 16,093 | 7,312 | 6,736 | |||||||||
Accounts receivable—other | 29,649 | 23,411 | 19,893 | |||||||||
Merchandise inventories, net | 363,515 | 201,503 | 217,376 | |||||||||
Prepaid expenses and other current assets | 3,439 | 7,905 | 4,422 | |||||||||
Income tax receivable | 3,840 | 624 | — | |||||||||
Deferred income taxes | 8,173 | 6,155 | 5,635 | |||||||||
Total current assets | 496,245 | 404,747 | 353,729 | |||||||||
Net property and equipment | 154,187 | 133,013 | 107,246 | |||||||||
Deferred financing costs, net | 2,292 | 3,196 | 3,574 | |||||||||
Deferred income taxes | 53,499 | 64,096 | 66,737 | |||||||||
Other assets | 1,015 | 867 | 713 | |||||||||
Total long-term assets | 210,993 | 201,172 | 178,270 | |||||||||
Total assets | $ | 707,238 | $ | 605,919 | $ | 531,999 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 176,387 | $ | 149,414 | $ | 99,357 | ||||||
Current maturities of long-term debt | 908 | 908 | 908 | |||||||||
Customer deposits | 23,719 | 20,330 | 17,351 | |||||||||
Accrued liabilities | 56,805 | 44,846 | 46,871 | |||||||||
Total current liabilities | 257,819 | 215,498 | 164,487 | |||||||||
Long-term liabilities: | ||||||||||||
Long-term debt, excluding current maturities | 86,752 | 87,433 | 91,018 | |||||||||
Other long-term liabilities | 63,320 | 49,580 | 35,238 | |||||||||
Total long-term liabilities | 150,072 | 137,013 | 126,256 | |||||||||
Total liabilities | 407,891 | 352,511 | 290,743 | |||||||||
Stockholders’ equity: | ||||||||||||
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2010, March 31, 2010 and December 31, 2009, respectively | — | — | — | |||||||||
Common stock, par value $.0001; 150,000,000 shares authorized; 39,702,904, 38,517,388 and 38,416,989 shares issued and outstanding as of December 31, 2010, March 31, 2010 and December 31, 2009 respectively | 4 | 4 | 4 | |||||||||
Additional paid-in capital | 266,814 | 254,770 | 252,500 | |||||||||
Accumulated other comprehensive loss | (703 | ) | (982 | ) | (810 | ) | ||||||
Retained earnings (accumulated deficit) | 33,273 | (300 | ) | (10,347 | ) | |||||||
| 299,388 | 253,492 | 241,347 | ||||||||||
Note receivable for common stock | (41 | ) | (84 | ) | (91 | ) | ||||||
Total stockholders’ equity | 299,347 | 253,408 | 241,256 | |||||||||
Total liabilities and stockholders’ equity | $ | 707,238 | $ | 605,919 | $ | 531,999 | ||||||
HHGREGG, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(UNAUDITED)
| Nine Months Ended | ||||||||
| December 31, 2010 | December 31, 2009 | |||||||
| (In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 33,573 | $ | 29,151 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
Depreciation and amortization | 19,337 | 12,324 | ||||||
Amortization of deferred financing costs | 904 | 690 | ||||||
Stock-based compensation | 3,934 | 2,643 | ||||||
Excess tax benefits from stock-based compensation | (14,484 | ) | (2,460 | ) | ||||
Gain on sales of property and equipment | (297 | ) | 12 | |||||
Deferred income taxes | 8,396 | 9,656 | ||||||
Tenant allowances received from landlords | 14,421 | 6,334 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable—trade | (8,781 | ) | (1,417 | ) | ||||
Accounts receivable—other | (6,238 | ) | (4,676 | ) | ||||
Merchandise inventories | (162,012 | ) | (75,766 | ) | ||||
Income tax receivable | 11,268 | — | ||||||
Prepaid expenses and other assets | 4,318 | (387 | ) | |||||
Accounts payable | 36,898 | 5,889 | ||||||
Customer deposits | 3,389 | 2,117 | ||||||
Accrued liabilities | 11,959 | 18,508 | ||||||
Other long-term liabilities | (26 | ) | (1,222 | ) | ||||
Net cash (used in) provided by operating activities | (43,441 | ) | 1,396 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (49,006 | ) | (34,160 | ) | ||||
Net proceeds from sale leaseback transactions | — | 4,694 | ||||||
Deposit on future sale leaseback transactions applied | — | (1,043 | ) | |||||
Proceeds from sales of property and equipment | 120 | 43 | ||||||
Net cash used in investing activities | (48,886 | ) | (30,466 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock | — | 82,913 | ||||||
Transaction costs for stock issuance | — | (4,764 | ) | |||||
Proceeds from exercise of stock options | 4,748 | 3,725 | ||||||
Excess tax benefits from stock-based compensation | 14,484 | 2,460 | ||||||
Net settlement of shares - payment of witholding tax | (11,122 | ) | — | |||||
Net (decrease) increase in bank overdrafts | (1,446 | ) | 25,191 | |||||
Payments on notes payable | (681 | ) | (682 | ) | ||||
Transaction costs for amending ABL Facility | — | (1,640 | ) | |||||
Other, net | 43 | 38 | ||||||
Net cash provided by financing activities | 6,026 | 107,241 | ||||||
Net (decrease) increase in cash and cash equivalents | (86,301 | ) | 78,171 | |||||
Cash and cash equivalents | ||||||||
Beginning of period | 157,837 | 21,496 | ||||||
End of period | $ | 71,536 | $ | 99,667 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 2,710 | $ | 3,411 | ||||
Income taxes paid | $ | 1,653 | $ | 2,529 | ||||
Capital expenditures included in accounts payable | $ | 1,914 | $ | 7,778 | ||||
HHGREGG, INC. AND SUBSIDIARIES
Store Count by Quarter for Fiscal Years 2009, 2010 and 2011
(Unaudited)
| FY2009 | FY2010 | FY2011 | ||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||||||||||||||||
Beginning Store Count | 91 | 97 | 103 | 108 | 110 | 111 | 118 | 127 | 131 | 157 | 169 | |||||||||||||||||||||||||||||||||
Store Openings | 6 | 6 | 6 | 2 | 1 | 7 | 10 | 4 | 26 | 12 | 4 | |||||||||||||||||||||||||||||||||
Store Closures | — | — | (1 | ) | — | — | — | (1 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Ending Store Count | 97 | 103 | 108 | 110 | 111 | 118 | 127 | 131 | 157 | 169 | 173 | |||||||||||||||||||||||||||||||||
Note: hhgregg, Inc.’s fiscal year is comprised of four quarters ending June 30th, September 30th, December 31st and March 31st.