Everything from portfolio growth to weather posed a challenge to Conn’s, but it was no match as the company’s business model remained resilient in the fourth quarter.
Conn’s reported net income of $27.73 million in the quarter of fiscal 2014, up 57% from $17.66 million in the same quarter the prior fiscal year.
Net sales surged 45% to $301.63 million from $250.34 million, and same-store sales grew 33.4%. Conn’s said significant sales growth was reported across all major product categories during the quarter, and the company opened six new stores in that time.
During the full fiscal year, net income soared 78% to 93.45 million and total net sales increased 39% to $991.84 million from $714.26 million, while same-store sales grew 26.5%. Significant gross margin expansion positively affected Conn’s net income results.
During fiscal 2015, same-store sales are expected to grow 5%-10% and the company plans to open 15 to 20 new stores.