Conn's Sales Down
Conn's reported Friday that net sales dropped in the most recent quarter, falling 6.1 percent to $178.7 million. The Texas-based retailers attributed the performance to "more challenging economic conditions in the Company's markets during the quarter."
Consumer electronics sales dropped 12.5 percent and appliances fell 7.7 percent. Conn's attributed the former to "a 20.4% drop in the average selling price of flat-panel televisions." The company's numbers rose in the furniture category.
"I continue to be encouraged by the improving sales trends we have seen each month this year," Conn's president and CEO Tim Frank said in a statement. "I believe we can continue to deliver improved sales and retail gross margin performance as we begin to compare against periods that were very challenging in our markets last year."