hhgregg Profit Rises 18 Percent
hhgregg Tuesday announced a rise in profit of 18.4 percent in the fiscal third quarter, as the company earned $26.9 million on the strength of a 30.6 percent gain in net sales.
“Despite softer than originally expected industry holiday sales, we are pleased with the manner in which the Company navigated through the environment while growing bottom-line earnings," CEO Dennis May said in a statement. "We continue to be pleased with our new store sales productivity and our team’s execution in both new and existing markets. As a result, we remain confident in our ability to continue to gain market share as we enter new markets and move closer to becoming a national retail chain.”
hhgregg had announced a 20 percent profit drop in the second quarter.