Conn’s loses $3.4 million in Q4, partly due to store closings
Beaumont, Texas -- Conn's said Thursday that it lost $3.4 million in its fiscal fourth quarter, reflecting charges tied to planned store closings and other items.
Conn's, which sells consumer electronics, home appliances, furniture, mattresses and lawn and garden products, operates 76 stores in Texas, Louisiana and Oklahoma. It plans to close five underperforming stores and let the leases expire for two additional locations.
The retailer reported a net loss of $3.4 million for the three months ended Jan. 31, compared with net income of $1.7 million in the prior-year period.
Excluding a $2.3 million charge related to planned store closings and other items, adjusted earnings were breakeven.
Revenue rose 3% to $213.4 million, from $207.3 million. Same-store sales were up 5.2%. .
In February, Conn’s president and CEO Timothy Frank stepped down to pursue other opportunities. Theodore M. Wright was named as the interim CEO and president while the company searches for a permanent replacement.
For the year, Conn's lost $1 million, compared with net income of $3.5 million a year ago.
Annual revenue fell 10% to $790.5 million, from $874 million.