hhgregg Profit is Up
hhgregg Inc. Thursday announced that it posted a $17 million profit in the third quarter, down slightly from 15.1 million the same time the year before. The strong results came despite a 13.2 percent drop in same-store sales.
“Our solid third quarter results were primarily driven by better than expected gross margins due to improved buying opportunities in a couple of key merchandise categories," the company's president and COO, Dennis May, said as part of the announcement. "Although the environment remains extremely challenging, we continue to benefit from our compelling market position, unique operating model and unmatched commitment to customer service and execution."
The announcement sent the company's stock up significantly in Thursday trading.