Life Insurance Proceeds Boost Retailer's Earnings

Hhgregg runs 210 stores in 16 states, including Indiana, Illinois, Maryland, New Jersey, Ohio and Pennsylvania. The company added 35 stores in the past year, and it cited that expansion as the primary reason behind sales growth. Sales at stores in operation for at least 14 months fell slightly.

The company also said market share gains in the appliance and home office categories helped its performance. Hhgregg's selling, general and administrative expenses rose 21 percent to $127.1 million, and net advertising expense climbed 33 percent to $27.3 million.

For the full year, hhgregg earned $81.4 million, or $2.14 per share, on $2.49 billion in revenue.

It expects fiscal 2013 earnings to range between $1.12 and $1.27 per share with revenue growing 9 percent to 12 percent as it opens as many as 22 new stores. That would equate to revenue ranging from about $2.72 billi on to $2.79 billion.

Analysts expect, on average, earnings of $1.26 per share on $2.85 billion in revenue.

Company shares slipped 1 cent to $9.76 in Wednesday morning trading.