Conn’s Q2 net income skyrockets; plans 10-12 new stores

The Woodlands, Texas - Conn’s, Inc. reported net income of $19.2 million, up $7.6 million, or 65.1%, from the prior-year period during the second quarter of fiscal 2013.

Consolidated revenues totaled $270.7 million, an increase of 30.5% from last year.

Same-store sales grew 18.4%. Sales increased significantly in product categories including home appliance, laundry, refrigeration, cooking, furniture, mattresses, TVs, tablets and computers.

“August net sales increased 51% over the prior-year period,” said Theodore M. Wright, chairman and CEO of Conn’s. “Same store sales in August rose 31%. Phoenix market store openings have been successful with three stores now open. We plan to open four more Phoenix area locations over the next several quarters.”

Looking ahead, Conn’s expects to open 10-12 new stores for the full fiscal year and to increase same-store sales by 15%-20%.