Conn’s Same-Store Sales Drop 5.8%

March 6, 2015  by in Financial Reports, Furniture Retailing, Industry   

The retailer’s same-store sales dropped 5.8 percent. Last year, the company’s same-store sales climbed 14.9 percent.

Same store sales for furniture and mattresses dropped 5.7 percent during the month. When calculated alone, same-store sales for furniture dropped 8 percent.

Theodore Wright, chairman and CEO, said store traffic and delivery was impacted by winter weather.

“In addition, due to the prolonged port labor disruption which had a higher impact than prior months, lower availability of furniture product contributed to a decrease in same store sales of 8 percent for the furniture category,” Wright said. To illustrate the relative impact of the port disruption on the furniture category, mattresses, which are sourced domestically, had an increase in same store sales of 2.5 percent. Inventory availability should improve but we do not expect it to return to normal in March. Customer purchases awaiting delivery due to both inclement weather and port disruption increased approximately $3.6 million, or 36.9 percent, from the end of January. Sales are recorded when the customer receives the product.”