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 6 months ended July 31, 2006. Net sales for the quarter ended July 31, 2006 increased U.S. $19.9 million, or 13.8 percent, from $143.8 million for the quarter ended July 31, 2005 to $163.7 million. Net sales for the 6 months ended July 31, 2006 increased $52.6 million, or 18.6 percent, from $282.8 million for the 6 months ended July 31, 2005 to $335.4 million for the 6 months ended July 31, 2006.
Net sales represent net product sales, delivery charges, service revenues and commissions from service maintenance agreement sales. Same store sales (sales recorded in stores operated for the entirety of both periods) increased 7.2 percent for the quarter ended July 31, 2006 and were up 11.7 percent for the 6 month period. In addition to same store sales, the company benefited from the four stores added since the first two quarters of last year. The company experienced approximately 20 percent increases in its core categories of major appliances and electronics. As a percentage of total net sales, appliances and electronics represent approximately 36 percent and 32 percent, respectively.
The company lowered its annual guidance for earnings per diluted share to a range of $1.60 to $1.75 from a range of $1.85 to $1.90 citing changes in its operating environment since its earlier estimate.
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