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Stock Market & Financial Investment News

News Breaks
April 15, 2014
08:04 EDTHGGh.h. gregg says to exit contract-based mobile phone business
During the quarter, the company made the strategic decision to exit the contract-based mobile phone business, which was included in the computing and wireless category for reporting purposes. In connection with this exit, the company incurred a pre-tax charge of $2.9M to exit the business. The charge will cover the expected write down of inventory and the write off of associated signage and fixtures. Additionally, the company incurred a $1.1M pre-tax charge in Q4 to write-off store fixtures which were removed from certain stores due to an evolving product mix. The fixtures were replaced by the expansion of the home products category, which does not require fixtures for in-store display.
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July 31, 2014
07:16 EDTHGGh.h. gregg no longer sees FY15 EPS above the prior year
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07:15 EDTHGGh.h. gregg reports Q1 EPS (36c), consensus (16c)
Reports Q1 revenue $472.3M, consensus $490.48M. Reports Q1 SSS down 10.2%. Dennis May, President and CEO commented, “While we expected the first quarter to be challenging given the difficult comparison to the prior year, we are not satisfied with our recent results. We recognize the importance of balancing near-term results with long-term investments to transform the business. Therefore we will continue to invest in our strategic initiatives to reposition the business around a broader assortment of home products. While we are making progress in many areas, we have opportunities for improvement in others. We have adjusted our advertising strategy to be more balanced, focusing more on traffic driving promotions versus the branding focused advertising that we did in the first quarter. We are also making adjustments to the video and appliance categories and refocusing our broader efforts on driving traffic to our stores and website."

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