Conn’s reported an overall comparable store sales advance for June. At the same time, the company announced that it had appointed a new CFO, Thomas Moran.
Moran had been executive vp and CFO for West Marine, a retailer of boating supplies, gear, apparel and related products.
Overall, Conn’s comparable-store sales improved by 1.1% in June versus the month last year lead by furniture and mattresses, up 5.9% and home appliances, up 9.8%. Repair and service commissions also gained, by 7.2%, on a comparable basis. Conversely, comps fell in consumer electronics, down 11.4%; home office, down 11.3%; and in the other category, down 13.9%.
Theodore Wright, Conn’s chairman and CEO, noted that the furniture, mattress and home appliance categories had strong performance with normal inventory levels during the month. Same store sales were impacted by the company’s decision to exit video game products, digital cameras and certain tablets. Excluding the impact from these products, same store sales increased 5.1%, he said.