Conn’s, Inc. (NASDAQ: CONN), a specialty retailer of home appliances, furniture, mattresses, consumer electronics, computers and lawn and garden products, today announced its results for the quarter ended April 30, 2012.
Significant items for the first quarter of fiscal 2013 include:
- Diluted earnings per share rose to $0.35 for the three months ended April 30, 2012, from $0.14 in the previous year;
- Same store sales increased 17.8% over the same period in 2011;
- Total revenues were $200.9 million, a year-over-year increase of $8.9 million, or 4.6%, with reported growth tempered by the closing of 11 stores in fiscal 2012;
- Retail segment gross margin rose 320 basis points to 33.7%;
- Retail segment operating income increased to $10.8 million, compared to $4.9 million for the same quarter in the prior fiscal year;
- Credit segment operating income increased to $11.1 million, compared to $9.9 million for the prior-year period; and
- The Company raised earnings guidance for fiscal year 2013 to adjusted diluted earnings per share of $1.30 to $1.40.
“Our current quarter results demonstrate the value we deliver to our customers with a broad range of high-quality products and a better shopping experience,” stated Theodore M. Wright, Chairman and CEO. “We have seen a significant benefit from recently remodeled stores, as sales growth at those stores outpaced the double digit growth seen overall.”
Retail Segment ResultsThe increase in net sales during the quarter was driven by higher average selling prices in the major product categories, improved and expanded product selection in the furniture and mattress category and retention of a portion of the unit volume from stores closed in the prior year. The reported increase in sales was partially offset by the impact of the closure of 11 stores in fiscal 2012.