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U.S. appliance and electronics retailer Conn's, Inc. (Beaumont, Texas, U.S.) said net sales for the quarter ended Jan. 31, 2007, were U.S. $189.6 million, an increase of $4.7 million, or 2.5 percent, as compared with the quarter ended Jan. 31, 2006, which, as previously disclosed, was positively impacted by hurricanes Katrina and Rita. Net sales for the year ended Jan. 31, 2007 increased $56.6 million, or 9.1 percent, from $620.7 million for the year ended Jan. 31, 2006 to $677.3 million for the year ended Jan. 31, 2007.
Same store sales (sales recorded in stores operated for the entirety of both periods) decreased 2.0 percent for the quarter ended Jan. 31, 2007. As previously disclosed, same store sales for the quarter ended Jan. 31, 2006 of 22.6 percent were positively impacted 700 to 900 basis points by hurricanes Katrina and Rita. Same store sales were up 3.7 percent for the year ended Jan. 31, 2007.
The company's total net sales for the quarter benefited from the six stores added since last year. For the year ended Jan. 31, 2007, the company experienced approximately 4 percent and 15 percent increases in its core categories of major appliances and electronics, respectively. As a percentage of total product sales, appliances and electronics represent approximately 34 percent and 34 percent, respectively.
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