Hhgregg net income surges 18.4% in Q3

Indianapolis -- Appliance and electronics retailer Hhgregg reported Tuesday that net income for the quarter ended Dec. 31 rose 18.4% to $26.9 million, compared with $22.7 million in the year-ago period.



Net sales increased 30.6% to $653.7 million. Same-stores dropped 6.2%.



The company opened four new stores in the third quarter for a total of 42 in fiscal year 2011, and said it remains on track to open a total of 43 new stores in fiscal year 2011.



“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,” said Dennis May, president and CEO.



Hhgregg currently operates 174 stores in Alabama, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.