Conn’s Reports Quarterly Sales Increase
Conn’s, a Beaumont, Texas-based CE and appliance retailer, reported net sales for the quarter ended Jan. 31, 2008, of $200.6 million, an $11.4 million or six percent increase compared with the quarter ended Jan. 31 of last year. Net sales represent total product sales, service revenues and commissions from service maintenance agreement sales. Same store sales, those recorded in stores operated for the entirety of both periods, increased 1.9 percent for the quarter, the company reported.
During the quarter, Conn’s opened three new stores in the Dallas/Fort Worth Metroplex; one new store in Houston, Texas; and its first store in Oklahoma City, Okla., giving it a total of 69.
Highlights during the quarter included solid growth in the company’s electronics category, driven by continued consumer interest in flat-panel televisions, especially LCD televisions; a decline in lower laundry and refrigeration sales; strong track sales increases due to higher video game equipment, laptop computer sales, and GPS devices; and an increase in service maintenance agreement commissions generated by higher sales penetrations, especially in the electronics category.