Appliance and consumer electronics retailer Conn's, Inc. announced a net income increased a record 44.6 percent to U.S. $9.1 million in the third quarter ended Oct. 31, 2005 compared to $6.3 million in the third quarter last year. Diluted earnings per share were $0.38 compared with $0.27 for the third quarter of last year.
Total revenue for the quarter increased 30.4 percent to $173.3 million, including sales increases of $37.9 million, compared with $132.9 million in the same period last year. Same store sales increased 23.3 percent for the period.
Expenses incurred relative to Hurricane Rita for the quarter totaled approximately $822,000 and included repair costs to facilities, loss of damaged merchandise and costs associated with temporarily relocating and operating corporate functions away from the storm-affected area.
Net income in the 9-month period ended Oct. 31, 2005, increased 35.3 percent to $28.3 million compared to $20.9 million in the same period last year. Diluted earnings per share were $1.17 compared with $0.88 in the same period in 2004. Total revenue increased 22.6 percent to $495.8 million compared with $404.4 million in 2004. Same store sales increased 14.4 percent in the 9-month period.
"This quarter presented us with numerous challenges, but our people met them with uncommon dedication and determination to succeed," Thomas J. Frank, Conn's chairman and CEO, said. "The results are a testament to an extraordinary ability to execute and a passion to win. Due to the nature of the events of this quarter, it was necessary to record certain special charges, but we still had a very good quarter."
As a result of its performance for the first 9 months, the company is increasing its guidance for the year ending Jan. 31, 2006 of earnings per diluted share from approximately $1.50 to $1.55 to approximately $1.60 to $1.65. Same store sales increases for the year are projected to be in the range of 12 percent to 15 percent.
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