Appliance and electronic retailer hhgregg, Inc. (HGG - Analyst Report) recently announced that Jeremy J. Aguilar, the chief financial officer (CFO) (Principal Financial and Accounting Officer) and secretary of the company has resigned from its position. Aguilar will pursue a similar role in another company effective from Jan 31, 2014.
The board of hhgregg has appointed Andrew S. Giesler as the interim chief financial officer and secretary of the company effective from Jan 31, until it finds a new incumbent. Giesler, aged 36, is currently the Senior Vice President, Finance.
Giesler has been associated with the company since 2007 and is an experienced finance executive. He has leadership experience in the company, having served as the Vice President, Finance, Vice President, Controller and Director of Finance and Investor Relations, before being appointed to his current position. Giesler, as the interim chief financial officer and secretary of hhgregg, is expected to lead the transition effectively, as he is familiar with the company’s financial operations and business strategies.
We believe that the company is taking initiatives to restructure its sales mix, expand customer base and enhance its service offerings. hhgregg has been consistently improving its comparable store sales growth rate in the appliance category. The company has also been growing its business with the introduction of new products in the furniture and fitness categories.
The company is also trying to improve its consumer electronics category through various initiatives. However, the category is suffering due to industry-wide headwinds such as a decline in demand for flat screen LCD televisions. However, we believe that the company’s persistent efforts to restructure the sales mix will improve overall store traffic and category sales in the upcoming quarters. hhgregg holds a Zacks Rank #3 (Hold).
Other retail and wholesale stocks that are performing well currently include Conn’s Inc. (CONN - Snapshot Report) , Best Buy Inc. (BBY - Analyst Report) and Fortune Brands Home & Security (FBHS - Snapshot Report) . While Conn’s sports a Zacks Rank #1 (Strong Buy), Best Buy and Fortune Brands carry a Zacks Rank #2 (Buy).