Beaumont, Texas — Replacement sales in the wake of hurricanes Rita and Katrina helped Conn’s same-store sales soar 23.3 percent during its fiscal third quarter, ended Oct. 31, while net revenue rose 32.9 percent over the comparable prior year period to $153 million.
Although the regional white- and brown-goods chain lost 134 store days to Hurricane Rita, net sales were ultimately buoyed by both storms as affected customers began replacing damaged appliances and electronics, the company said.
“While the storms ultimately had a positive impact on our outstanding sales performance this quarter, our focus on continuing to execute at the highest level despite the obstacles in our path allowed us to achieve these results,” said Tom Frank, Conn’s chairman and CEO. “I am extremely proud of our employees and the way they responded to the two disasters that impacted our company this quarter. Despite a portion of our stores being closed for a short time and personal lives being disrupted, the teamwork exhibited by our employees exemplifies the strength of our culture.”
Net sales for the nine months, ended Oct. 31, increased 23.6 percent to $435.8 million, while same-store sales were up 14.3 percent for the period.
The NATM dealer, which operates 55 stores in Texas and Louisiana, is known for its in-house credit operation, which on average has financed 56 percent of Conn’s retail sales over the past three years.
The company will report its third-quarter earnings on Dec. 1.