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Conn’s Q4 Revenue Jumps 19.4%

4/12/2004 03:24:00 PM Eastern

Beaumont, Texas — Specialty retailer Conn’s reported higher revenue and income during the period, in addition to an 11.7 percent comp increase, and noted it was pleased with its fiscal fourth quarter comp-sales performance.

Conn’s, which sells consumer electronics; major appliances; and home office, bedding, lawn and garden products, reported revenue for the three months, ended Jan. 31, of $144 million, a 19.4 percent rise over the $120.6 million recorded in the year-ago period.

Net income in the fourth quarter hit $8.4 million, compared with $6.1 million in the same three months last year.

During the fourth quarter, Conn’s continued its expansion into the Dallas/Fort Worth market, opening one additional store in November, bringing total store count there to three by Jan. 31. Two additional locations were opened in February and April. In the current fiscal year, additional sites are being developed in this market, with three to five additional locations expected by Jan. 31, 2005. Eventually, Dallas/Fort Worth will account for eight to 10 stores.

The chain currently operates 47 units in Texas and Louisiana, with the total expected to climb to 50 to 52 stores by the end of next January.

For the 12 months, revenue increased 12 percent, reaching $499.3 million, up from $446 million the previous year. Same-store sale edged upward 2.6 percent, while net income hit $24.3 million, compared with $20.6 million a year earlier.

In the first fiscal quarter of the current year, ending April 30, Conn’s expects comp-store sales to reach the low to mid-single-digit range.

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