Profit Rises For hhgregg
Midwestern retailer hhgregg said Thursday that it posted a net income of $4.9 million for the quarter that ended Sept. 30, up from 3.4 million the same period last year. The company attributed the increase to rising sales, a flat gross margin and only a small increase in operating expenses.
The result was above analyst expectations.
"We are pleased with our quarterly operating performance and our ability to drive growth in earnings and operating cash flow by preserving margins and managing expenses, all while continuing to add new stores," president and CEO Dennis May said as part of the announcement. "While the overall environment remains challenging, we are encouraged by the improving traffic and sales trends we experienced throughout the quarter."