Conn’s fiscal Q2 revenues up 14%, same-store sales up 16%

by DailyBriefers
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THE WOODLANDS, Texas — The fiscal 2022 second quarter for Conn’s Inc., a specialty retailer of furniture and mattresses, home appliances, consumer electronics, home office products and a consumer credit provider, continues its positive momentum with total revenues up 14% and income up 80.3% year-over-year.

For the quarter ended July 31, revenues reached $418.4 million, with same store sales up 16.4% for the period over 2020 and up 3.2% over 2019 levels.

E-commerce sales increased 210.9% to a quarterly record of $17.3 million, and lease-to-own sales were up 70.3% to $41.6 million.

“Strong second quarter retail and credit results exceeded our expectations and demonstrate that our growth strategies are taking hold. Second quarter same store sales increased 16.4%, and total retail sales are up 24% over the prior year period,” said CEO Chandra Holt in an earnings release, adding, “In fact, earnings per diluted share of $2.74 for the first six months of the year are higher than any annual earnings in Conn’s 131-year history.”

Holt noted that the company is increasing its fiscal year 2022 same store sales expectation from high single-digit growth to mid-teens growth.

Conn’s opened three Conn’s HomePlus showrooms during the quarter, all in Florida, bringing the total number of showrooms to 155 in 15 states. During fiscal 2022, it plans to open 11 to 13 new showrooms, including the nine opened in the first half.

conn's fintabs

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