Conn’s Q3 Sales Up 12%
By Alan Wolf -- TWICE, 11/6/2007
Beaumont, Texas — Conn’s, the regional brown- and white-goods chain, said CE sales helped boost revenue 11.6 percent to $17.6 million during its third quarter, ended Oct. 31.
Same-store sales rose a healthy 6.8 percent for the period.
“Consumer electronics continued to be a big driver of our sales this quarter,” said chairman/CEO Thomas J. Frank, Sr. “As expected, the competitive environment has been very challenging and the margin pressures have continued.”
CE sales rose 18.5 percent, representing 35.6 percent of the sales mix, on strength in LCD TVs, the company said. Track sales, which include PCs, peripherals, video gaming, portable CE and small appliances, rose 21.4 percent on strength in laptops and gaming consoles.
Conversely, major appliance sales slipped 1.6 percent on weakness in laundry and refrigeration, reducing majaps to 35 percent of the sales mix from nearly 40 percent last year.
Lawn and garden, a relatively new category for Conn’s, enjoyed the biggest bump, up 36.4 percent in sales for the period.
During the three months, Conn’s opened a new store in Brownsville, Texas, and a clearance center in San Antonio, bringing the store count to 64 throughout Texas and Louisiana.
The chain, a member of the NATM Buying Corp., will post its earnings results for the third quarter on Nov. 29.
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