Beaumont, Texas — Conn's, the multi-regional brown- and white-goods chain, reported a 7.5 percent spike in first-quarter sales on strength in LCD TVs, video gaming and laptop computers.
Net sales for the three months, ended April 30, were $195.1 million, up $13.7 million year-over-year. Same-store sales increased 1 percent for the fiscal first quarter, reflecting weakness in such housing-related categories as major appliances, furniture and bedding.
“Consumer electronics, on continued strong demand for LCD televisions, drove our sales growth this quarter,” observed chairman/CEO, Thomas Frank, Sr. “While the retail sales environment continues to be very challenging, we achieved same-store sales growth within our expectations.”
Key factors impacting net sales during the quarter included:
- Continued consumer interest in LCD TVs offset declines in projection and plasma televisions.
- Lower refrigeration sales drove the majap decline, as the overall white-goods market showed continued weakness. Sales of laundry products rose slightly.
- Solid sales increases in CE were largely due to higher video game equipment and laptop computer and computer monitor sales, and the addition of GPS devices. The gains were partially offset by declines in camcorder and camera sales.
- Gains in sales of extended-service contracts were consistent with the overall increase in product sales.
Conn’s will announce its first-quarter earnings on June 4. The NATM dealer currently operates 69 stores in Louisiana, Oklahoma and Texas.