hhgregg Q4 net sales decreased 9.6% to $439 million
Article continues below
Net sales decreased 8.% to $2 billion year-over-year.
Gross margin increased to 28.7% compared to 28.6% in the prior year fourth quarter. Net loss per diluted share, as adjusted, was $(0.28) compared to $(0.63) in the prior year fourth quarter.
Adjusted EBITDA increased $7.9 million in the current year fiscal quarter from a loss of $7.8 million in the prior year fourth quarter.
Fiscal year 2016 summary
Net sales decreased 8.% to $2 billion year-over-year. Comparable store sales decreased 7.7% year-over-year. The Company realized $66.9 million in cost savings, primarily through better-targeted advertising expenditures, store operations and corporate overhead expense reductions, exceeding its fiscal year goal of $50 million.
Adjusted EBITDA increased $14.8 million to $8.2 million compared to $(6.6) million in fiscal year 2015.
Robert Riesbeck, CFO and interim president and CEO, commented, "We strengthened the company in fiscal 2016 and enter fiscal 2017 with significantly improved EBITDA and cost savings that exceeded our target. Our primary focus this year is on driving revenue.
"We finished our fourth quarter with improved momentum, specifically in appliances where we achieved a positive 4.9% comparable store sales increase over February and March combined.
"We will be as passionate and focused on revenue growth in fiscal 2017 as we were on cost reductions in fiscal 2016, and believe that our past and future investments will help us significantly improve our net sales and profitability this fiscal year." ■