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!

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