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Conn’s, Inc. Announces Record Second Quarter Net Income

Conn’s, Inc. (NASDAQ:CONN), a specialty retailer of home appliances, furniture, mattresses, consumer electronics and provider of consumer credit, today announced its results for the quarter ended July 31, 2012.

Significant items for the second quarter of fiscal 2013 include:
  • Adjusted diluted earnings per share of $0.36 for the quarter, compared to $0.18 on an adjusted basis last year;
  • Same store sales rose 21.5% year-over-year, with furniture and mattress sales up 57.5%;
  • Total revenues grew $20.4 million, or 10.9%, to $207.4 million – with previous store closures moderating reported growth;
  • Retail gross margin expanded 530 basis points to 34.1%;
  • Adjusted retail segment operating income equaled $12.9 million, up over 300% from $3.1 million on an adjusted basis in the prior-year quarter;
  • Credit segment operating income declined to $10.6 million, compared to $13.5 million for the prior-year period; and
  • Fiscal year 2013 earnings guidance was raised to diluted earnings per share of $1.40 to $1.50.

“Improvements in our retail operating performance continued into August, when we experienced growth in same store sales of 12% on top of a 6% increase last year,” stated Theodore M. Wright, Chairman and CEO. “Same store sales of furniture and mattresses rose 33% in August after achieving same store growth of 59% a year ago.”

Retail Segment Results

Net sales growth for the quarter was driven by an improved and expanded product selection in the furniture and mattress category, higher average selling prices in the major product categories, and retention of a portion of the unit volume from closed stores. Reported net sales during the current quarter also reflects the benefit of the opening of a Conn’s HomePlus store in Waco, Texas in mid-June and the completion of four store remodels.

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