Conn's, Inc., a home appliance retailer including consumer electronics, computers and peripherals and lawn and garden products, announced its net sales results for the quarter and 9 months ended Oct. 31, 2005.
Net sales for the quarter ended Oct. 31, 2005 increased U.S. $37.9 million, or 32.9 percent, from $115.1 million for the quarter ended Oct. 31, 2004 to $153 million for the quarter ended Oct. 31, 2005. Same store sales (sales recorded in stores operated for the entirety of both periods) were up 23.2 percent for the same period. Net sales for the quarter were impacted by Hurricanes Katrina and Rita, including the loss of 134 store-days due to stores being closed in advance of and subsequent to Hurricane Rita. Additionally, net sales were positively impacted in the aftermath of the storms as affected customers replaced damaged appliances and electronics.
Net sales for the 9 months ended Oct. 31, 2005 increased $83.3 million, or 23.6 percent, from $352.5 million for the 9 months ended Oct. 31, 2004 to $435.8 million for the 9 months ended Oct. 31, 2005. Same store sales (sales recorded in stores operated for the entirety of both periods) were up 14.3 percent for the same period.
Net sales represent net product sales, delivery charges, service revenues and commissions from service maintenance agreement sales. Revenues from finance charges and other for the quarter and the 9 months ended Oct. 31, 2005, will be reported in the company's press release and conference call on Dec. 1, 2005.
Thomas J. Frank, chairman and CEO, stated, "I am extremely proud of our employees and the way they responded to the two disasters that impacted our company this quarter. Despite a portion of our stores being closed for a short time and personal lives being disrupted, the teamwork exhibited by our employees exemplifies the strength of our culture. While the storms ultimately had a positive impact on our outstanding sales performance this quarter, our focus on continuing to execute at the highest level despite the obstacles in our path allowed us to achieve these results."
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