Conn’s more than doubled its consolidated net income in the third quarter of fiscal 2014 compared to the same period in the prior year, growing to about $24.4 million from $11.8 million. Total net sales increased a healthy 51%, to $310.9 million from $206.4 million.
Significant sales growth was reported across all major product categories. On a sequential quarter basis, third quarter retail sales reflect the benefit of two stores opened in July 2013 and two additional stores opened during the quarter. The impact of new store openings was partially offset by the closure of two underperforming locations during the current quarter. With new store openings and the remodeling and relocation of existing stores, 40 stores were operating in the Conn’s HomePlus format at October 31, 2013.
For the full fiscal year 2014, Conn’s expects same-store sales to rise 7%-12% and 15-20 new store openings. For the full fiscal year 2015, the retailer anticipates same-store sales to grow 7%-12% and 15-20 new store openings. Currently, Conn’s operates more than 70 stores.
“We achieved the highest quarterly revenue and net income in Conn’s history,” said Theodore M. Wright, the company's chairman and CEO. “This sales trend continued into November with retail sales expanding 49%. November same store sales rose 32%.”
Conn’s is a specialty retailer of home appliances, furniture, mattresses, consumer electronics and provider of consumer credit which operates more than 70 locations in Texas, Louisiana, Arizona, Oklahoma and New Mexico.