Conn’s Quarterly Profit Rises
Retailer Conn’s Monday announced a quarterly profit $28.5 million, a 34 percent increase over the same period last year, on retail sales of $278.1 million.
The results came as the company expanded into Colorado and Tennessee.
“First quarter results met our expectations with solid performance in both the retail and credit operations,” Theodore M. Wright, Conn’s chairman and chief executive officer, said as part of the announcement.
“Same store sales rose 16% over the prior year with same store sales growth of 3% in the electronics category. This growth continued into May with same store sales increasing 13%. With the expansion of our product offerings and new store openings, furniture and mattress was our leading product category in the quarter. This favorable shift in product mix contributed to retail gross margin of 41.4% for the period.