Stocks in Motion: Conn's
Shares of Conn's (CONN) were among the Nasdaq's winners Monday, rising 7% after the retailer said its results would not be hurt by Hurricane Rita.
As of Sunday, 50 of the company's 55 stores were operational. What's more, all of Conn's distribution centers and service facilities, with the exception of its Beaumont, Texas, location, were operational as well. The company expects all of its facilities to reopen once city services are restored.
Conn's said that sales in August, the first month of its fiscal third quarter, climbed 25% compared with a year ago. Same-store sales, meanwhile, climbed 12%. Through Sept. 24, sales were about $40 million for the month of September. The results for September were already above last year's results. "We expect that once all stores in the storm-affected area are fully operational, we will experience a positive sales impact resulting from the consequences of the storm," the company said. Shares were recently trading up $1.96 to $28.77.
Chico's (CHS) rose 7% after the women's clothing chain said it only sustained limited damage from hurricanes Katrina and Rita. The company, which operates 40 stores in the Gulf Coast region, said that six stores remain closed in the New Orleans area. Other stores in the region, according to the company, are running at reduced sales levels as the region continues to recover."We are pleased to see that our same store and overall sales levels have remained solid during this period as we respond to the effects of the hurricanes," the company said. Same-store sales during September are currently in the mid-double-digit percent range, it said. Chico brand same-store sales are up in the high-single- to low-double-digit percent range, while same-store sales at its White House/Black Market brand are up in the mid-50% range. Shares were trading up $2.49 to $36.30.
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