Conn's Q4 Sales Soar 30.5; Comps Jump 22.6%

Beaumont, Texas— In a year that included two hurricanes, changes in retail management and a jump in sales growth, specialty retailer Conn's reported a 30.5 percent increase in sales during its fiscal fourth quarter, rising to $184.9 million, up from a year-ago $141.7 million.

Same-store sales soared 22.6 percent in the three months.

When $21.7 million in finance charges and other are added to Conn's fourth-quarter sales, total revenue in the period rose 27 percent, reaching $206.6 million, up from the $162.7 million registered the prior year. Fourth quarter finance charges compared with $21 million recorded a year earlier, a 3.4 percent increase.

Net income in the fourth quarter, ended Jan. 31, moved up 39.8 percent, hitting $12.9 million, compared with $9.2 million in the same three months the previous year.

“This was a remarkable year in so many ways,” said Thomas Frank, chairman/CEO. “We successfully made substantial modifications in our retail division management early in the year and in the second half of the year contended with two hurricanes and phenomenal sales growth.”

Conn's, which offers a mix of major appliances, consumer electronics, computers, mattresses, furniture and lawn and garden products, operates 56 stores in the states of Texas and Louisiana.

For the 12 months, Conn's boosted total sales 25.6 percent, rising to $620.7 million from a year-ago $494.2 million. Increases in finance charges of 12.1 percent, to $81.7 million from $72.9 million, helped push up total revenue for the year by 23.9 percent, coming in at $702.4 million, compared with a year-earlier $567.1 million.