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Conn's Reports Higher Net Q4 Sales

2/08/2011 09:50:00 AM Eastern
Beaumont, Texas - Conn's reported higher net sales of 5.3 percent for the quarter, ended Jan. 31, as well as a similar gain in same-store sales.

Net sales for the quarter were $180.1 million, an increase of $9.1 million, or 5.3 percent as compared with the same quarter last year.

Same-store sales increased 5.2 percent for the quarter, as compared with the same quarter in the prior year period. The increase in sales during the quarter was driven largely by growth in the consumer electronics, furniture and mattress categories, Conn's said.

CE sales were up 12.2 percent in the quarter to $75.9 million due to a 25 percent gain in flat-panel TV sales, the company said. CE was 42.1 percent of all Conn's sales during the quarter, up from the prior year's 39.6 percent

Home appliances sales were down 8 percent to $37.7 million due primarily to softer laundry and refrigeration sales and a decline in average selling prices. Home appliances were 21 percent of sales in the quarter, down from 24 percent in the prior year.

Track sales increased 2.5 percent to $32.3 million due to increased sales of accessories, MP3 players, tablet PCs and video game hardware. They were offset by declines in the sales of camcorders, digital cameras, desktop PCs and netbooks. Track sales were 17.9 percent, down slightly from 18.4 percent of the overall total.

Furniture and mattresses were 11.2 percent of total sales for the quarter, other was 2.2 percent, repair service agreements were 3.5 percent and service revenues were 2.1 percent.

Net sales for the 12 months, ended Jan. 31, were $658.9 million, down 8.8 percent compared with the prior year. Same-store sales were down 9.6 percent for the year compared with the prior 12 months.

Conn's will host a conference call on its earnings and operating performance on Thursday, March 31.
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