Conn's, Inc., a specialty retailer of home appliances, consumer electronics, computers, and lawn and garden products, announced record results for the first quarter ended April 30, 2005.
Net income for the first quarter increased 26.1 percent to U.S. $9.8 million compared to $7.8 million for the first quarter of last year. Diluted earnings per share available for common stockholders were $0.41 compared with $0.33 for the first quarter of last year. Total revenues for the quarter ended April 30, 2005 increased 17.3 percent to $158.2 million compared with $134.9 million for the quarter ended April 30, 2004. This increase in revenue included net sales increases of $20.4 million, or 17.2 percent, and increases from "Finance charges and other" of $2.9 million, or 17.7 percent. Same store sales (revenues earned in stores operated for the entirety of both periods) increased 7.3 percent for the first quarter of fiscal 2006.
During the first quarter, the company continued its expansion into the Dallas/Fort Worth Metroplex with the opening of one additional store, bringing the store count in this market to nine as of April 30, 2005. This new store also brings the company's total store count to 51. Three additional stores are under construction by the company in the Dallas/Fort Worth market and other stores are in various stages of development in other locations. By the end of January 2006, the company expects to operate approximately 56 to 58 stores.
"Our continuing focus on improving execution in merchandising, store operations, logistics, training and credit resulted in satisfying results during the first quarter. We are certainly pleased with our same store sales growth, as well as the contribution to total sales from our new stores," said Thomas J. Frank, Conn's chairman and CEO. "Our new store openings are on schedule and we are confident in our strategy of controlled, profitable growth."
The Company continues to believe its previously issued guidance for the year ending January 31, 2006 of earnings per diluted share of approximately $1.40 to $1.46 will be achievable. The estimate of earnings per diluted share is calculated in accordance with current generally accepted accounting principles. Comparable store sales increases are projected in the low to mid single digit range.
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