Conn's Posts Increased Sales in Quarter Boosted by Furniture, Mattresses
Home furnishings and electronics retailer Conn's, Inc. reported preliminary net sales of $189.5 million for the quarter ended Jan. 31, a 4.2 percent increase compared to $181.9 million posted in the same quarter last year.
Same store sales (sales recorded in stores operated for the entirety of both periods, which excludes nine stores that have been closed, one store in the process of being closed and two stores with leases that expired during fiscal year 2012) increased 12.1 percent for the quarter, compared to the same quarter in the prior fiscal year.
"Despite weakness in the consumer market for televisions, we were pleased to deliver double-digit same store sales growth for the second quarter in a row," said Theodore Wright, CEO. "In addition to the same store sales increase, we also increased our retail segment gross margin percentage by 500 basis points, or 21 percent."