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CE Weighs On Conn’s Feb. Comps

The CE and IT categories continue to be a drag on comp sales at Conn’s, the multiregional furniture, majap and electronics chain.

The Texas-based dealer reported comp declines of 4.8 percent in both product categories last month, despite an acknowledged boost from Super Bowl and a 4 percent lift from the extra leap-year day.

Year-over-year comparisons were impacted though by the company’s 2015 exit from the gaming and imaging categories, and its decision to drop select tablets.

Excluding those items, total comps increased 5.2 percent, vs. 2.7 with the jettisoned lines, fueled by a 12.2 percent increase in furniture and mattress comps.

Majap comps were essentially flat, edging up 0.4 percent, while commissions from extended-service contracts rose 4.6 percent year over year.

Conn’s also appeared to get a handle on the late payments and defaults long plaguing its in-house customer financing operation. Sixty-day-plus delinquency rates decreased from 9.9 percent in January to 9.3 percent last month, although it was still a tick ahead of the year-ago 9.2 percent rate.

Related:Delinquency Creep Continues At Conn’s