Hhgregg profit, sales rise in Q2, on track to open 35 stores in fiscal year

Indianapolis -- Electronics and appliance retailer Hhgregg reported Wednesday that net income for the quarter ended Sept. 30 rose to $6 million from $3.9 million in the year-ago period.

Sales for the period rose 29% to $618.6 million. Same-store sales rose 1.5%, returning to positive growth after a 5% decline last quarter.

The company said it expects to open between 20-25 new stores in fiscal year 2013. Projected new markets are St. Louis, Milwaukee, and various locations in Illinois. For the remainder of the current fiscal year, it said it is on track to open 35 new stores, from a previous range of 35 to 40 new stores.

“We remain committed to growing our store base over the longer-term,” said Dennis May, president and CEO. “Over the past three years, we have been able to take advantage of the soft real estate market in areas such as Chicago, Philadelphia, Miami, and Washington, D.C.”

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