Hhgregg Q4 profit up 34%

Indianapolis Regional electronics retailer Hhgregg said Tuesday it posted a 34% higher fiscal fourth-quarter profit as sales rose due to new store openings and increased market share.

Profit for the three months ended March 31 rose to $13.9 million, from $10.3 million last year.

Sales rose nearly 13% to $364.9 million from $324.2 million, helped by the opening of two stores.

However, Hhgregg posted a 6.5% decline in same-store sales, which mostly reflected weakness in sales of appliances.

Profit for the year, which also ended March 31, rose to $36.5 million, from $21.4 million last year.

For the year, sales rose 11% to $1.4 billion from $1.26 billion, helped by the opening of 19 stores.