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Pricey appliances, electronics fuel Gregg profit

June 3, 2008
HHGregg Inc. said today that a 24-percent increase in net profit in its fourth fiscal quarter was driven by rising sales of big flat-screen televisions, high-end washing machines and refrigerators, and notebook computers.

The Indianapolis-based appliance and electronics retailer reported a $10.3 million profit in the quarter ended March 31 on sales of $324.2 million, up 14.4 percent from a year earlier.

Sales in stores open at least a year increased 0.8 percent - an accomplishment in a slow economy, Gregg President and Chief Operating Officer Dennis May said.

For the year, Gregg said profit was virtually identical to the prior year: $21.4 million. However, after adjusting for paying off debt early, Gregg profit increased nearly 56 percent, to $34.6 million.

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