From Home Furnishing Business
Furniture, Mattresses Boost Conn's 4Q
Furniture and electronics retailer Conn's Inc. (NASDAQ: CONN) said its fourth-quarter earnings climbed 57 percent on sales growth in all categories.
For the quarter ended Jan. 31, Conn's posted a profit of $27.7 million, up from $17.7 million in the same quarter last year. Sales climbed 44 percent to $361.1 million.
The retailer's same-store sales rose 33 percent in the quarter.
The company said furniture and mattress sales showed the largest increase—81 percent to $72.3 million.Furniture and mattresses contributed to 26.2 percent of the total products
sales and 37.2 percent of the total product gross profit in the quarter.
Conn's credit revenue rose 42 percent to $59.1 million, and its credit portfolio's performance has improved since the end of the quarter due to declines in delinquency.
"Modifications to underwriting standards implemented in the third quarter are providing benefits to delinquency in the current quarter," said Theodore M. Wright, chairman and CEO. "Collections execution is improving as well."