Brutal quarter and guidance from hhgregg

hhgregg (HGG) stumbles in early trading after missing estimates with its FQ3 report and slashing guidance.

Comparable-store sales fell 11.2% during the period.

Gross profit margin was off 50 bps to 26.8% even with a mix shift to appliances.

The retailer now sees FY14 EPS of $0.30-$0.40 vs. prior guidance of $0.70-$0.90.

SA contributor Don Dion had a short recommendation on HGG in place yesterday on his view the retailer is stuck on a very uncertain track.

HGG -6.7% premarket

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