UPDATE: Gregg stock soars after earnings report

Stock in HhGregg Inc. shot up 11 percent this morning after the Indianapolis-based appliance and electronics retailer posted a 38.5-percent increase in profit in its third fiscal quarter.

The shares traded near $13.13, up $1.30.

The $15.1 million in profit for the period ended Dec. 31 amounted to 45 cents per share. Analysts surveyed by Thomson Financial expected 40 cents per share.

CEO Jerry Throgmartin said the retailer benefited from offering value and a “superior customer purchase experience led by our consultative sales force” during the holiday shopping season.

Same-store sales increased 3 percent compared to the 5-percent gain of a year earlier. The most recent quarter was driven by higher average selling prices caused by increases in sales of LCD flat-screen televisions, major appliances and mattresses.

HhGregg went public in July at $13 per share. The stock has reached $16, but more recently has traded between $10 and $12.

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