Conn's Posts $3.4 Million Loss
Retailer Conn's Wednesday reported that it has posted a $3.4 million loss for the most recent quarter. This compares to a $1.6 million profit the same period last year.
Sales decreased by 16.1 percent in quarter, which the company said was largely attributable to declines in the CE, appliance and home office categories.
“We are pleased with our progress on improving margins and reducing our cost of capital,” Conn's Chairman Theodore Wright said as part of the announcement. “While softer industry conditions resulted in sales slightly below our expectations, the changes made to date position us to drive improved profitability.”