Conn's Profit Drops
Conn's reported Thursday that it has posted a second-quarter profit that dropped 52 percent from the same period the year before. The decline was steeper than analysts had predicted, Dow Jones said.
The company posted a profit of $4.9 million, on revenue of $220.2 million, a slight increase. The company also announced plans to cut costs in the coming months. Conn's also said that retail sales for CE and appliance stores in the United States declined around 14 percent during the quarter.
"While our second quarter performance did not meet our expectations, we feel that we gained market share across our core categories. As economic conditions continue to weigh on consumers, our customers are searching for value, customer service and financing, all of which are part of our unique shopping experience," the company's president and CEO, Timothy L. Frank, said as part of the announcement.