Electronics and appliance retailer hhgregg Inc posted a 34 percent jump in quarterly profit, but forecast full-year earnings below market estimates, fearing weak sales.

Indianapolis-based hhgregg, which beat fourth-quarter estimates by a penny, sees full year earnings between 85 cents to $1.00 a share.

This would imply an expectation of a comparable store sales decline of 7 percent to 12 percent, the company said in a statement.

For the full year, analysts were expecting the company to earn $1.07 a share, before items, according to Reuters Estimates.

During the quarter, the regional retailer's business was helped by the closure of rival Circuit City Stores , but said comparable sales for the first quarter might even fall below the full-year range.

For the fourth quarter ended May 31, hhgregg earned $13.9 million, or 42 cents a share, up from the $10.3 million, or 31 cents a share, in the year-ago quarter.

Net sales rose 12.5 percent to $364.9 million, even as comparable store sales fell 6.5 percent.

Shares of the company closed at $16.87 Monday on the New York Stock Exchange.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva)