Conn's Sales Plunge 30 Percent
Conn's reported Tuesday that its net sales plunged by 30 percent in the most recent quarter, a performance the company attributed to "more challenging economic conditions," tightening credit standards, and the comparison with the previous year's period, in which Conn's benefited from the closure of Circuit City.
The Texas-based chain's net sales were reported at $171 million, down $74.5 million from the same period in 2009. The period was the three months ended Jan. 31.
The CE category marked a 38.5 percent sales drop- due largely to a big drop in flat-panel TV sales- while appliances dropped 21.6 percent. Sales in every major category were down by double digits.