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Hhgregg

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Hhgregg

hhgregg, Inc.
Type Public company
Industry Retail
Founded 1955
Headquarters Indianapolis, Indiana, USA
Number of locations 228 (July 2014)[1]
Key people Dennis L. May'
President & CEO
Michael L. Smith
Chairman of the Board
Products Retailing-Electronics and Appliances
Revenue Increase US$2.49B (FY 2012)[2]
Operating income IncreaseUS$107M (FY 2012)[2]
Net income Increase US$81.4M (FY 2012)[2]
Employees 6,700
Website http://www.hhgregg.com

hhgregg, Inc. (Illinois, Indiana, Kentucky, Louisiana, Maryland,[3] Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin.[4]

Founded in Princeton, Indiana in 1955, hhgregg is headquartered in Indianapolis, Indiana. Its retail products include video products comprising televisions as well as DVD recorders; home appliances, such as refrigerators, ranges, dishwashers, freezers, washers, and dryers; and other products and services, including audio hardware, mattresses, computers, and other selected consumer electronics and accessories.[5] The company announced on November 24, 2008 that they would begin selling popular gaming systems such as Wii, Xbox 360 and PlayStation 3.[6]

hhgregg reported an annual revenue of US $1.4 billion in 2009.

The company's current motto is "We Help."

History

An hhgregg retail store in Florida

In 1955, a small storefront was erected by Henry Harold and Fansy Gregg on the north side of Indianapolis. The new store featured home appliances such as washing machines, clothes dryers, refrigerators, and grills. Shortly thereafter, they began selling televisions and other electronics.

Map of hhgregg stores in the U.S., as of August 2011.

In 1975, Jerry W. Throgmartin began working in his grandfather's store while attending middle school. He eventually worked his way through many positions there over the next 24 years, and in 1999, took over his father's position as Chairman, CEO, and Director of hhgregg Appliances and Electronics.[7]

Dennis L. May succeeded Throgmartin as hhgregg's President and Chief Executive Officer on February 17, 2009, and Throgmartin was named Executive Chairman of the Board.[8] Throgmartin died in January 2012.[9]

Despite market trends that have diminished profit margins on high-tech devices, Throgmartin and May expanded the business to 125 stores in 9 states as of October 2009. Throgmartin said, "We’ve been fortunate in that the areas of the [overall CE] business that have been strong are the areas in which we excel: high-end large-screen flat-panel TVs and home theater, and higher-end appliances."[7]

On July 8, 2009, the company announced that it planned to open 22 stores in the next year, primarily in Richmond, Virginia, Tampa, Florida, and in Memphis, Tennessee, many of them being in buildings formerly occupied by defunct Circuit City. In December 2009, construction began on several stores in the central and eastern parts of Pennsylvania, the first in the state. And March 2010 brought the openings of the first stores in the Norfolk-Virginia Beach metro area, in converted Circuit City and Linens 'n Things locations. In Spring 2011, the company expanded into the Youngstown, Ohio market with the opening of a store in the Youngstown suburb Boardman.[10] Ten stores opened in July 2011 in South Florida along the east coast from Miami to West Palm Beach.

An hhgregg in Hanover, Maryland; opened in 2010 in a former Circuit City location

In the fall of 2010, hhgregg opened several stores in former Circuit City locations in Maryland and Virginia.[11] Also, in late 2010, hhgregg partnered with The Cellular Connection, a cellular phone wholesaler based out of Indianapolis to roll out kiosks to sell Verizon Wireless products, and Curtis electronics (not to be confused with Curtis Mathes) most known for their massively popular "buy a TV, get an umbrella" promotion.

In March 2011, hhgregg announced it will open a new location in Myrtle Beach, South Carolina, also in the location of a defunct Circuit City.[12] In June 2011, hhgregg expanded into the Pittsburgh market with the opening of four stores in the Pittsburgh metropolitan area.[13] On September 15, 2011, 14 new stores opened in the Chicago area as well.[14] In September 2012 hhgregg opened four stores in the St. Louis, Missouri metropolitan area. [15]

In August 2012, hhgregg made its debut in Wisconsin by opening stores in Appleton, Brown Deer, Greenfield, Green Bay, and Racine.[16] In November 2012, it entered Louisiana with stores in the New Orleans metropolitan area and in Baton Rouge.[17][18]

Fine Lines

Fine Lines is a division of hhgregg that was introduced November 1, 2004.[19] Each of its five stores offers over 18,000 square feet (1,700 m2) of premium lines of appliances.[20] Products and brands vary by location. There are currently five Fine Lines locations:[21]

Stock

hhgregg had its initial public offering on July 20, 2007, at US$13.72 and is traded on the New York Stock Exchange under the ticker symbol HGG.[22]

Sponsorships

On December 17, 2007, hhgregg signed as one of 14 founding corporate partners for the Lucas Oil Stadium, home of the NFL’s Indianapolis Colts. hhgregg's deal earned them rights to advertise in the south gate and display many of their large, flat panel televisions.

The south gate is also home to a new 26,000-square-foot (2,400 m2) hhgregg showroom.[23]

Media

  • Story about store openings for 2010, Washington Post
  • New retailer swoops in to fill Circuit City void (Richmond, Virginia)

References

  1. ^ "hhgregg Announces First Fiscal Quarter Operating Results" (Press release). Retrieved 2014-09-15. 
  2. ^ a b c HHGREGG (HGG) annual SEC income statement filing via Wikinvest.
  3. ^ "Electronics store hhgregg to open today in Hagerstown, Md.". PublicOpinionOnline. Retrieved 2010-04-26. 
  4. ^ "hhgregg Announces Grand Opening of Snellville, GA Store". hhgregg. Retrieved 2009-05-06. 
  5. ^ "hhgregg, Inc. (HGG:NYSE) Snapshot". BusinessWeek. Retrieved 2008-02-18. 
  6. ^ "hhgregg Launches Gaming Business Across Chain". hhgregg. 2008-11-24. Retrieved 2008-11-24. 
  7. ^ a b Brian Ploskina (January 2008). "A Commitment to Vision". Dealerscope 50 (1). 
  8. ^ "hhgregg Announces Executive Changes". hhgregg. Retrieved 2009-02-18. 
  9. ^ "hhgregg Announces Death of Jerry W. Throgmartin, Executive Chairman of the Board and Former Chief Executive Officer". hhgregg. January 23, 2012. 
  10. ^ Luthern, Ashley. New Appliance Store Coming to Valley, Vindicator, 6 January 2011.
  11. ^ 12 New Stores Opening Soon in Washington D.C. Area
  12. ^ "Electronics store to hire 50 on Myrtle Beach Area". The Sun News -Myrtle Beach. 
  13. ^ http://finance.yahoo.com/news/hhgregg-Announces-the-Grand-bw-1056574660.html?x=0&.v=1
  14. ^ "14 hhgregg stores to open in Chicago region on Sept. 15". Chicago Sun-Times. August 19, 2011. 
  15. ^ "h.h.gregg Announces the Grand Opening of St. Louis, MO Area Stores". hhgregg. September 11, 2012. 
  16. ^ "h.h.gregg Announces the Grand Opening of Green Bay, WI Area Stores". hhgregg. September 18, 2012. 
  17. ^ "h.h.gregg Announces the Grand Opening of Two New Stores in New Orleans, Louisiana". hhgregg. November 13, 2012. 
  18. ^ "h.h.gregg Announces Grand Opening of Baton Rouge, Louisiana Store". hhgregg. November 13, 2012. 
  19. ^ Lieber, Tammy. "Kitchens for the elite: H.H. Gregg goes upscale with Fine Lines appliance store". Indianapolis Business Journal. Retrieved 4-1-2008. 
  20. ^ "Product Selection". hhgregg Fine Lines. Retrieved 4-1-2008. 
  21. ^ "hhgregg Fine Lines Store Locator". hhgregg Fine Lines. Retrieved 4-1-2008. 
  22. ^ "hhgregg Inc. Announces Pricing of IPO". Retrieved 2008-02-25. 
  23. ^ "Hi-def highlights 'showroom' part of Lucas Oil sponsorship". The Indianapolis Star. Retrieved 2008-02-25. 

External links

  • Official website
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