Conn’s, Inc., a specialty retailer of home appliances, consumer electronics, computers, and lawn and garden products, announced its net sales results for the quarter and 9 months ended Oct. 31, 2006.
Net sales for the quarter ended Oct. 31, 2006 of $152.4 million decreased U.S. $0.7 million, or 0.4 percent, as compared with the quarter ended Oct. 31, 2005 which, as previously disclosed, was positively impacted by hurricanes Katrina and Rita. Net sales for the 9 months ended Oct. 31, 2006 increased $51.8 million, or 11.9 percent, to $487.7 million from $435.9 million for the 9 months ended Oct. 31, 2005.
Same store sales (sales recorded in stores operated for the entirety of both periods) decreased 3.7 percent for the quarter ended Oct. 31, 2006. As previously disclosed, same store sales for the quarter ended Oct. 31, 2005 of 23.3 percent were positively impacted 700 to 900 basis points by hurricanes Katrina and Rita. Same store sales were up 6.5 percent for the 9-month period ended Oct. 31, 2006.
The company’s total net sales for the quarter benefited from the four stores added since the first three quarters of last year. The company experienced approximately 10 percent and 18 percent increases in its core categories of major appliances and electronics, respectively. As a percentage of total product sales, appliances and electronics represent approximately 36 percent and 33 percent, respectively.
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