UPDATE: Gregg stock jumps on strong report

Shares of HHGregg Appliances Inc. shot up 6 percent, to $15.68, today after the Indianapolis appliance and electronics chain reported a brighter earnings outlook and an 8.9-percent increase in same-store sales in its second fiscal quarter.

The increase came during a stretch when many retailers struggled.

Gregg reported a $6.9 million loss in the quarter ended Sept. 30 due to costs for its June initial public offering. In the same period last year, Gregg earned $3.5 million.

Gregg projected earning 95 cents to $1.03 a share for the full year rather than its previous estimate of 87 to 97 cents. The revised numbers exclude a 41-cent loss on the early retirement of debt.

Same-store sales are expected to grow 3.5 percent to 5.5 percent for the year, Gregg said, also an increase from its earlier estimate of 3 percent to 5 percent.

Since going public at $13 a share, Gregg stock has climbed as high as $16.08.

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