Conn's Q3 Sales up 10.6%

December 3, 2012  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on December 4, 2012

Home furnishings, electronics and appliance retailer Conn's (NASDAQ:CONN) reported that fiscal 2013 third-quarter sales rose 10.6 percent to $206.4 million.

Same-store sales for the three months ended Oct. 31 rose 12.6 percent over the prior quarter, on top of same-store sales growth of 18.9 percent a year ago. Conn's reported diluted earnings per share for the period of $0.35 on a reported basis, versus a loss of $0.40 per share last year.

"Our Conn's HomePlus store in Albuquerque has performed well since opening in November. This week we will open three additional stores," said Theodore M. Wright, chairman and CEO of Conn's, The Woodlands, Texas. "We continue to see sales growth in our existing store base. November same store sales rose 6 percent on top of same-store growth of 10 percent last year."

The company increased its earnings guidance for the 2013 fiscal year ending Jan. 31 to diluted earnings per share of $1.55 to $1.60 on an adjusted basis. Expectations in developing the guidance for the full year include:
€¢ Same stores sales up 13 percent to 16 percent.
€¢ Five new store openings.

Conn's also initiated earnings guidance of diluted earnings per share of $2.05 to $2.15 for the fiscal year ending Jan. 31, 2014.

Conn's also announced that Rey de la Fuente, president of the Credit Division, is leaving after 14 years of service, to pursue other opportunities. De la Fuente is staying through Jan. 31, to complete the transition of his duties, which began early this year.

"We appreciate Rey's many years of service and contributions to the company," said COO Mike Poppe. "We wish Rey well in his future endeavors."