Conn’s Sees Positive Signs Despite Q1 Sales Decline

First quarter retail segment sales at Conn’s were down slightly, but company officials noted positive movement toward the end of the quarter driven by growth in comparable store sales in April.

For the three months ended April 30, total sales were $275.8 million, down slightly from sales of $279.4 million in the comparable quarter the prior year. Categories including furniture and mattress and home office reported gains in the quarter while sales of home appliances and consumer electronics were down.

Net income for the quarter was $12.7 million up from a loss of $2.6 million in the first quarter of the previous year. Diluted earnings per share were $0.39, up from a loss of $0.08 in the prior year.

“First quarter retail results were driven by an improving same-store sales trend,” said Norm Miller, Conn’s chairman and CEO. “This included positive same-store sales for the month of April, which is the first positive month of same-store sales in over two years. In addition, retail results benefited from record first quarter retail gross margin.”