Friday March 28th, 2014 - 1:00PM
For the quarter ended January 31, Conn’s, Inc. posted net income of $27.7 million, or 75 cents per diluted share, versus $17.7 million, or 50 cents per diluted share, in the year-earlier period. Consolidated revenues increased 44.3% to $361.1 million and comparable store sales gained 33.4% as retail sales gained 45.2% to $275.4 million.
The furniture and mattress operation has the biggest percentage gain among categories in the quarter, up 81.4% to $72.3 million. Home office advanced 64.7% to $37.3 million, home appliance increased 40.4% to $70.7 million and consumer electronics gained 22.8% to $88.9 million.
In a conference call, Theodore Wright, Conn’s chairman and CEO, indicated that the company’s new store model had contributed to the strong results. The addition of six stores also boosted sales, the company noted.
Conn’s further added that furniture unit sales advanced 70% and average selling price gained 12%.
For the full year, Conn’s reported net income of $93.4 million, or $2.54 per diluted share, versus $52.6 million, or $1.56 per diluted share, in fiscal 2012. Consolidated revenues increased 38% to $1.19 billion and comps gained 26.5%.
Conn’s, a specialty electronics and furnishings retailer, operates about 75 retail locations in Texas, Louisiana, Arizona, Oklahoma and New Mexico.