Conn’s, Inc., a specialty retailer of home appliances, consumer electronics, computers, and lawn and garden products, announced earnings results for the quarter and 9 months ended Oct. 31, 2006.
Net income for the third fiscal quarter decreased 19.2 percent to U.S. $7.2 million compared with $8.9 million for the restated third quarter of last year. Total revenues for the quarter ended Oct. 31, 2006 increased 0.6 percent to $173.7 million compared with $172.6 million for the quarter ended Oct. 31, 2005. Same store sales (revenues earned in stores operated for the entirety of both periods) decreased 3.7 percent for the third quarter of fiscal 2007. As previously disclosed, the same store sales increase for the quarter ending Oct. 31, 2005 of 23.3 percent was positively impacted 700 to 900 basis points by hurricanes Katrina and Rita.
Net income for the 9 months ended Oct. 31, 2006 decreased 2.4 percent to $27.6 million compared with $28.3 million for the restated 9 months of the prior year. Total revenues for the 9 months ended Oct. 31, 2006 increased 10.7 percent to $548.1 million compared with $495.1 million for the 9 months ended Oct. 31, 2005. This increase in revenue included net sales increases of $51.9 million, or 11.9 percent, and increases in “Finance charges and other” of $1.1 million, or 1.9 percent. Same store sales (revenues earned in stores operated for the entirety of both periods) increased 6.5 percent for the first 9 months of fiscal 2007.
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