Indianapolis -- Appliance and electronics retailer Hhgregg reported Tuesday that net income for the quarter ended Dec. 31 rose 18.4% to $26.9 million, compared with $22.7 million in the year-ago period.
Net sales increased 30.6% to $653.7 million. Same-stores dropped 6.2%.
For fiscal year 2011, Hhgregg updated its annual net income per diluted share guidance to a range of $1.10 to $1.15; the previous range was for net income per diluted share of $1.15 to $1.23. For the full year, the company expects a net sales increase of 36% to 37%, updated from a previous assumption of a net sales increase of 38% to 40%. The company expects a comparable-store sales decline of negative 5% to negative 4%, updated from a previous assumption of comparable-stores sales decline of negative 3% to negative 1%.
Hhgregg is one retailer that has reaped the benefits of Circuit City's demise. The company continues to expand -- opening four new stores in the third quarter and planning to open a total of 43 stores in fiscal 2011 -- while other retailers have curbed store growth.
“We remain confident in our ability to continue to gain market share as we enter new markets and move closer to becoming a national retail chain,” said Dennis May, president and CEO.
And Hhgregg seems to be well on its way to achieving that goal. The company currently operates 174 stores in Alabama, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.