UPDATE 1-Hhgregg Q4 profit jumps, but FY view misses estimates

* Q4 EPS 42 cents vs est of 41 cents

* Sees FY earnings below estimates

* Sees FY same store sales drop 7-12 pct

June 1 (Reuters) - Electronics and appliance retailer hhgregg Inc (HGG.N) 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 (CCTYQ.PK), 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)