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HhGregg Inc. turned a $2.9 million profit in its fiscal first quarter ended June 30-also its first quarter to report financial results as a public company.
The gain reversed a $1.4 million loss of a year earlier. The Indianapolis-based appliance and electronics chain attributed the improvement to strong growth in comparable stores and rising gross profit, among other factors.
Comparable-store sales increased 8.8 percent mostly due to higher average selling prices for such big-ticket items as video and major appliances.
Gregg, which operates more than 400 stores, launched its long-anticipated IPO on July 20 at $13 a share. The stock closed at $13.41 yesterday.
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