GO
Loading...

Under The Radar Retailer Could Soon Rival Best Buy

Watch out Best Buy, an under-the-radar competitor is on the rise.

HH Gregg reported an 85% jump in first-quarter profit, largely generated by new customers as the chain expanded into new markets.

After starting out as a small operation in 1955, HH Gregg has stepped up expansion in recent years in a bid to fill the void left by bankrupt rival Circuit City and to compete better with mainstream players like Best Buy

The retailer, which already runs 157 stores in the Midwestern, Mid-Atlantic and Southeastern regions of the United States, shows no signs of slowing.

The company recently confirmed plans to enter Pittsburgh and is on track to enter the Washington, D.C., market this fall.

In an interview with Reuters CEO Dennis May explained that attractive rents, especially in key markets in the Mid-Atlantic region, are among the boons of a weak economy.

"Though we look at the macro economy with a high degree of concern, that macro economy also has helped create the opportunities that make accelerated expansion so compelling and attractive," May said.

What else must you know about HHGregg before you trade this stock. Find out from CEO Dennis May. Watch the video now!




______________________________________________________
Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On Aug 5, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Seymour owns (AAPL), (BAC), (BX), (GOOG), (INTC), (MOS), (POT); Terranova owns (AKAM), (APA), (BAX), (C), (COP), (EMC), (FCX), (GOOG), (GS), (JNPR), (MOS), (MSFT), (PFE), (POT), (SKX), (SU), (TER), (XBI); Finerman owns (AAPL); Finerman's firm owns (ARM); Finerman’s firm owns (BBY); Finerman's firm owns (LEA); Finerman’s firm owns (KFT); Finerman & Finerman's firm owns (RIMM); Finerman’s firm owns (TSX); Finerman’s firm owns (GYMB); Finerman’s firm owns (PLCE); Finerman's firm owns (WMT); Finerman's firm owns (DAN); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts

For Anthony Scaramucci
Scaramucci and SkyBridge Capital own (AAPL)
Scaramucci and SkyBridge Capital own (KO)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (DRYS)
Virtus Investment Partners own more than 1% of (EXR)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (XLK)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)

For Brian Kelly
Accounts managed by Kanundrum Capital own (RIMM)
Accounts managed by Kanundrum Capital own (INTC)
Accounts managed by Kanundrum Capital own (XBI)
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (JPM)
Accounts managed by Kanundrum Capital own (CM)
Accounts managed by Kanundrum Capital own (BMO)
Accounts managed by Kanundrum Capital own (ANDE)

For Dan Binder
Within the past twelve months, Jefferies and/or its affiliates received non-investment banking, securities related compensation for client services it provided to BJ's Wholesale Club, Inc.
Jefferies makes a market in Costco Wholesale Corp.
Jefferies makes a market in Dollar Tree Inc.
Jefferies makes a market in Staples, Inc.

For Brian Stutland
Stutland owns (KO) debt

For Joe LaVorgna
***No Disclosures***

For Jim Bower
***No Disclosures***

For Doug Kass
***No Disclosures***

For James Pethokoukis
***No Disclosures***

CNBC.com with wires.

Symbol
Price
 
Change
%Change
BBBY
---
HGG
---

Featured

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET

Halftime Report