From Home Furnishing Business
Conn's Boosted by Furniture, Mattress Sales
2013 by in Bedding, Financial Reports, Furniture Retailing, Industry, Product
Increased furniture and mattress sales were credited with boosting retailer Conn's most recent earnings.
Appliance and electronics retailer Conn's cruised past earnings and sales estimates as furniture and mattress sales nearly doubled, sending shares spiking to a record high on Thursday
Conn's (CONN) enjoyed strong gains across all its product categories — which also include consumer electronics, appliances and home office products — but its mattresses and furniture got most of the attention from Wall Street.
Furniture and mattresses have become "a greater point of emphasis for Conn's" as it worked to provide more balanced revenue, said analyst Bradley Thomas of KeyBanc Capital Markets.
Third-quarter furniture and mattress sales rose 96% vs. a year earlier. The category also put up a 55% same-store sales gain
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Source: Investor's Business Daily