HHGregg 4Q profit surges 46%, slows new store growth

Indianapolis— Electronics and appliances retailer hhgregg Inc. said Thursday that its profit leaped 46% in its fiscal 4Q, to $14.6 million from $10 million in the year-ago period. However, same-store sales tumbled nearly 11% in the company, and the company said it will slow the pace at which it opens new stores in the next fiscal year. Previously, it expected to open 35 to 45 stores in the next year, but now cut the upper range to 40 stores.

Revenue for the quarter climbed 22% to $507 million, helped by the addition of 42 new stores over the past 12 months.

For the full year, the company earned $48.2 million on $2.08 billion in revenue.