Beaumont, Texas – Conn’s net sales rose 5.6 percent to $181.4 million during its first fiscal quarter ended April 30, aided by the addition of six new stores.
Conversely, same-store sales declined 0.3 percent for the three months due to tough comparisons to the year-ago period, when hurricane replacement sales sent comps soaring 16.1 percent.
“Our same store sales are flat, as expected, compared to an unusually strong quarter last year,” said chairman/CEO Thomas J. Frank, Sr. “We are on track and look forward to increased sales growth for the remainder of the year.”
The regional brown- and white-goods chain said sales of CE increased 9.7 percent during the period on the strength of flat panel TVs, and now represents 35.3 percent of sales. Majap revenue declined 6.4 percent amid the weak white goods market and last year’s strong replacement business, and now accounts for 34.6 percent of net sales. Track sales, which include portable electronics, computers, computer peripherals, and small appliances, fell 6.8 percent as Conn’s shifted its merchandising toward furniture, which grew 150 percent year-over-year, and lawn and garden products. The latter categories now represent nearly 12 percent of sales, up from about 7 percent of the mix last year.
Conn’s said it plans to open six to eight new stores this year, and will release its first quarter earnings on May 31.