Conn’s Q1 income nearly doubles; raises forecast
The Woodlands, Texas -- Conn's Inc.’s net income nearly doubled in its first-quarter, with strong sales of furniture and mattresses and some higher prices. The company lifted its fiscal 2014 adjusted earnings forecast.
Conn's earned a better-than-expected $22.2 million for the quarter ended April 30, up from $11.6 million a year ago.
Revenue jumped 25% to $251.1 million. Same-store sales rose 16.5%.
Over the past six quarters, our operations have delivered year-over-year expansion in both same store-sales and retail margins. With the addition of new stores and update of existing stores, furniture and mattress sales growth is accelerating. Furniture and mattress sales were up over 70% from last year and accounted for 26% of our total product sales in the current period," said Theodore M. Wright, the chairman and CEO.