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Conn’s, Inc. Reports Record Retail Gross Margin In Quarter Ended January 31, 2013

Stocks in this article: CONN

The following table presents net sales by category, changes in net sales and store count activity for the current and prior-year quarter:

                     
Three Months ended January 31, Same store
2013     % of Total     2012     % of Total Change % Change % change
(dollars in millions)
Home appliance $ 50.4 24.2 % $ 44.9 23.7 % $ 5.5 12.2 % 11.9 %
Furniture and mattress 39.9 19.1 25.9 13.6 14.0 54.1 40.2
Consumer electronic 72.4 34.7 78.1 41.2 (5.7 ) (7.3 ) (10.5 )
Home office 22.6 10.9 19.5 10.3 3.1 15.9 12.6
Other   4.5   2.2     5.1   2.7     (0.6 ) (11.8 ) (12.7 )
Total product sales 189.8 91.1 173.5 91.5 16.3 9.4 5.9
 
Repair service
agreement commissions 15.7 7.5 12.6 6.6 3.1 24.6 22.5
Service revenues   2.9   1.4     3.6   1.9     (0.7 ) (19.4 )
Total net sales   208.4   100.0 %   189.7   100.0 % $ 18.7   9.9 % 7.0 %
 
Number of stores-
Beginning of period 65 71
Opened 4 -
Closed   (1 )   (6 )
End of period   68     65  
 

The following provides a summary of items influencing the Company’s major product categories during the quarter, compared to the prior-year period:

  • Home appliance average selling price increased 21.5%, partially offset by a 7.3% reduction in unit volume. Laundry sales were up 9.5%, refrigeration sales rose 15.8% and cooking sales increased 18.6%;
  • Furniture unit sales rose 35.4% and the average selling price increased 17.8%;
  • The average mattress selling price increased 35.5% and unit volume was up 3.5%;
  • Consumer electronic sales declined primarily due to reduced industry-wide demand. Sales of televisions with a screen size of over 60 inches rose 39.5% and accounted for almost half of television revenues during the current quarter; and
  • Tablet sales increased 139.3%, partially offset by a reduction in computer unit volume and lower sales of accessory items.

All of the above amounts are preliminary estimates and are subject to change upon completion of the Company’s annual financial statement closing process. Actual results may differ significantly from the preliminary estimates.

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