Beaumont, Texas — Conn’s has promoted Timothy Frank to president as part of a management reorganization designed to support the company’s rapid growth and address eventual succession issues.
Frank, son of chairman/CEO Thomas Frank and formerly retail senior VP, succeeds William Nylin, who was named executive vice chairman of the board. In his new role, Frank will continue to focus primarily on the chain’s retail operations, while Nylin will retain his title of COO.
Conn’s Q4 Sales Soar 30.4%
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.
Succeeding Frank as retail senior VP is David Trahan, formerly merchandising senior VP.
Rey de la Fuente, president of Conn’s credit operation and a corporate senior VP, will continue to report to Nylin, while Nylin continues to report to Thomas Frank.
The reorganization was designed to “give younger senior managers additional responsibilities, bring in additional people to support our growth, and put the leadership in place to perpetuate the success of our company,” the senior Frank said in a conference call.
Elsewhere, the CEO noted that the New Year began with a bang, as total volume rose 23 percent through February and same store sales increased 15 percent. Frank said growth categories include flat-panel TV, whose falling prices will “bring them within consumers’ budgets and help raise same store sales;” high-efficiency laundry, whose price points are “40 percent higher than average laundry tickets;” premium floor care; and mattresses and furniture.
Conn’s plans to open six to eight new stores this year, and will retrofit existing units to expand its bedding and furniture departments, Frank said.