|Quarter ended October 31,||Same store|
|2012||% of Total||2011||% of Total||Change||% Change||% change|
|(dollars in thousands)|
|Furniture and mattress||32,346||19.3||%||24,567||15.9||%||7,779||31.7||%||34.0||%|
|Total product sales||151,663||90.6||%||140,404||90.7||%||11,259||8.0||%||11.5||%|
|Total net sales||$||167,323||100.0||%||$||154,955||100.0||%||$||12,368||8.0||%||12.6||%|
The following provides a summary of items influencing the Company’s major product categories during the quarter, compared to the same quarter last fiscal year:
- Home appliance average selling price rose 24.4%, partially offset by a 17.4% decline in unit volume. Previous store closures caused approximately one-quarter of the decrease in unit sales. On a same store basis, laundry sales rose 14.9%, refrigeration sales increased 3.6% and cooking sales increased 24.7%. Milder temperatures drove a 26.0% decline in room air conditioner sales;
- Enhanced presentation and product selection together with increased promotional activity drove continued growth in furniture and mattress sales. Previous store closures tempered the reported increase.
- Furniture same store unit sales increased 16.4% and there was a 15.2% increase in the average sales price.
- On a same store basis, the average mattress selling price increased 41.6% with a 5.4% decline in unit volume – driven by a shift to a higher price-point product offering;
- Consumer electronic sales declined due primarily to the emphasis of higher price-point televisions and previous store closures. Same store sales of televisions with a screen size of over 50 inches rose on both a unit and dollar basis; and
- Higher tablet sales and a 28.0% increase in the average selling price of computers guided the growth in home office sales. The reported growth was partially offset by the impact of store closures, a reduction in computer unit volume and lower sales of accessory items.
- Home appliance, including refrigerators, freezers, washers, dryers, dishwashers, ranges and room air conditioners;
- Furniture and mattress, including furniture for the living room, dining room, bedroom and related accessories and mattresses;
- Consumer electronic, including LCD, LED, 3-D, plasma and DLP televisions, camcorders, digital cameras, Blu-ray players, video game equipment, portable audio and home theater products; and
- Home office, including desktop and notebook computers, tablets, printers and computer accessories.
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements include information concerning our financial performance, business strategy, plans, goals and objectives. Statements containing the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” or the negative of such terms or other similar expressions are generally forward-looking in nature and not historical facts. Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.CONN-F