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As Of Filer Filing For·On·As Docs:Size Issuer Agent 2/08/11 Conns Inc 8-K:2,9 2/08/11 2:43K Business Wire/FA
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Conn’s, Inc. Reports Net Sales Results for the Quarter Ended January 31, 2011
BEAUMONT, Texas--(BUSINESS WIRE)--February 8, 2011--Conn’s, Inc. (NASDAQ/NM:CONN), a specialty retailer of consumer electronics, home appliances, furniture, mattresses, computers and lawn and garden products, today announced its net sales results for the quarter ended January 31, 2011.
Net sales for the quarter ended January 31, 2011, of $180.1 million, increased $9.1 million, or 5.3%, as compared to the quarter ended January 31, 2010. Net sales represent total product sales, repair service agreement commissions and service revenues. Same store sales (sales recorded in stores operated for the entirety of both periods) increased 5.2% for the quarter ended January 31, 2011, as compared to the same quarter in the prior year period. The increase in sales during the quarter was driven largely by growth in the consumer electronics and furniture and mattresses categories.
The Company’s retail gross margin, which includes gross profit from both product and repair service agreement sales, was approximately 23% for the quarter ended January 31, 2011, as compared to the 23.7% experienced in the quarter ended January 31, 2010. Total revenues for the quarter, including revenues from finance charges and other, will be reported in the Company's earnings release and conference call scheduled for March 31, 2011. The following table presents net sales by category and changes in net sales for the quarter:
|Quarter ended January 31,|
|2011||% of Total||2010||% of Total||Change||% Change|
|(dollars in thousands)|
|Furniture and mattresses||20,124||11.2||%||14,917||8.7||%||5,207||34.9||%|
|Total product sales||169,964||94.4||%||158,731||92.8||%||11,233||7.1||%|
Repair service agreement commissions
|Total net sales||$||180,071||100.0||%||$||170,955||100.0||%||$||9,116||5.3||%|
The following is a summary of some of the key items impacting net sales during the quarter, as compared to the same quarter in the prior fiscal year:
Additionally, the Company provided updated credit portfolio performance information. The Company has continued to dedicate the resources it believes are necessary in an effort to improve the performance of the credit portfolio. The key credit portfolio metrics for the three months ended January 31, 2011, included:
Net sales for the twelve months ended January 31, 2011, were $658.9 million, a decrease of $63.9 million, or 8.8%, as compared with the twelve months ended January 31, 2010. Same store sales decreased 9.6% for the twelve months ended January 31, 2011, as compared to the same period in the prior year.
All of the above amounts are preliminary estimates and are subject to change upon completion of the Company’s year-end financial statement closing process. Actual results may differ significantly from the preliminary estimates.
The Company will host a conference call and audio webcast on Thursday, March 31, 2011, at 10:00AM, CT, to fully discuss its earnings and operating performance for the quarter. The webcast will be available live at www.conns.com and will be archived for one year. Participants can join the call by dialing 877-754-5302 or 678-894-3020.
About Conn’s, Inc.
The Company is a specialty retailer currently operating 76 retail locations in Texas, Louisiana and Oklahoma: with 23 stores in the Houston area, 20 in the Dallas/Fort Worth Metroplex, nine in San Antonio, five in Austin, five in Southeast Texas, one in Corpus Christi, four in South Texas, six in Louisiana and three in Oklahoma. It sells home appliances, including refrigerators, freezers, washers, dryers, dishwashers and ranges, and a variety of consumer electronics, including LCD, LED, 3-D, plasma and DLP televisions, camcorders, digital cameras, computers and computer accessories, Blu-ray and DVD players, video game equipment, portable audio, MP3 players, GPS devices and home theater products. The Company also sells lawn and garden products, furniture and mattresses, and continues to introduce additional product categories for the home to help respond to its customers' product needs and to increase same store sales. Unlike many of its competitors, the Company provides flexible in-house credit options for its customers. In the last three years, the Company financed, on average, approximately 61% of its retail sales.
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "should," "anticipate," or "believe," or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to be correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to:
Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K/A filed on April 12, 2010 and the Company’s quarterly report on Form 10-Q filed on December 2, 2010. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Conn’s, Inc., Beaumont
Chief Financial Officer
Michael J. Poppe, 409-832-1696 Ext. 3294
|This ‘8-K’ Filing||Date||Other Filings|
|Filed on / For Period End:||2/8/11|
|12/2/10||10-Q, 4, 8-K|
|1/31/10||10-K, 10-K/A, 5|
|List all Filings|