Conn's, Inc., a specialty retailer of home appliances, consumer electronics, computers, and lawn and garden products, announced earnings results for the quarter ended April 30, 2006.
Net income available for common stockholders for the first fiscal quarter increased 18.8 percent to U.S. $11.4 million compared to $9.6 million for the first quarter of last year. Diluted earnings per share available for common stockholders were $0.47 compared with $0.40 for the first quarter of last year after adjusting for adoption of FAS 123R. Total revenues for the quarter ended April 30, 2006 increased 21.5 percent to $192.1 million compared with $158.2 million for the quarter ended April 30, 2005. This increase in revenue included net sales increases of $32.8 million, or 23.6 percent, and increases from "Finance charges and other" of $1.2 million, or 6.1 percent. Same store sales (revenues earned in stores operated for the entirety of both periods) increased 16.1 percent for the first quarter of fiscal 2007.
As previously disclosed, during the third quarter of fiscal 2006 two significant hurricanes impacted a portion of our market area. This has resulted in increased sales, but also negatively impacted our credit portfolios. Same store sales, excluding the storm-impacted markets of Southeast Texas and Louisiana, increased 11.6 percent. The markets excluding the Southeast Texas and Louisiana markets accounted for 78.7 percent of same store product sales and service maintenance agreement commissions during the quarter ended April 30, 2006.
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