hhgregg Profits Jump 85 Percent
hhgregg posted a positive quarter in results announced Thursday, recording a profit of $2.7 million, an 85.5 percent increase over the same time last year, as sales rose 53 percent.
The company opened 26 new stores in the quarter, with 12 more to come. The company is eyeing Washington and Pittsburgh as its next markets for expansion.
"We are very pleased with our first quarter results and business trends over the past few months. As a result of increased demand in our core categories, we have seen improved traffic in both our appliance and video categories," president and CEO Dennis May said in a statement.