Appliance and electronic retailer hhgregg Inc. (HGG - Analyst Report) is opening a new store at 5045 Glencrossing Way in the Cincinnati area on Sep 19, replacing the previous store located at 5111 Glencrossing Way. In order to celebrate the new store opening and attract customers, the company will be offering special discounts on hhgregg’s wide selection of televisions, appliances and electronics in all its stores in Cincinnati from Sep 19-21, 2013.
The company expects this store opening to drive sales. In fact, hhgregg has been growing its appliances business with the introduction of new products in furniture and fitness categories. The company is also expanding its computing and mobile phones category and focusing on initiatives to drive additional traffic and increase sales.
The company’s strategic initiatives also improved results in the first quarter of fiscal 2014. These initiatives mitigated the effects of the continued weakness in the consumer electronic category, which had been suffering since the past few quarters.
In order to improve overall comps and the performance of the consumer electronics category, the company designed three major initiatives for fiscal 2014 to drive additional traffic and sales. The company intends to increase market share of its appliance category, expand its customer base through advertising campaigns and focus on promoting consumer electronics through compelling offers. hhgregg also intends to increase category sales through its website capabilities.
hhgregg holds a Zacks Rank #1 (Strong Buy). Other stocks in the retail sector that are performing equally well and are worth considering include Kirkland Inc (KIRK - Analyst Report), Haverty Furniture Cos. Inc. (HVT - Snapshot Report) and Fortune Brands Home & Security (FBHS - Snapshot Report), all of them with a Zacks Rank #1.