Conn’s is exploring “a full range of strategic alternatives”...
Conn’s is exploring “a full range of strategic alternatives” to increase shareholder value including a sale of the company, slowing the frequency of store openings and separating its retail and credit businesses, the retailer said Monday. In addition to CE,…
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Conn’s shopping categories include home appliances and furniture and mattresses. It said operating performance has “improved significantly” over the past four fiscal years as a result of “expansion, consolidation and remodeling of the store base, improved assortment of furniture and mattresses,” along with increased penetration in appliances. While looking at alternatives, Conn’s is still on track with plans for new store openings and penetration of new geographic markets, said CEO Theodore Wright. Conn’s operates stores in Arizona, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, South Carolina, Tennessee and Texas. In the most recent quarter, Conn’s had revenue of $288 million, compared with $224 million in the year-ago quarter, while net income fell to $17.6 million from $19.1 million. TV sales were up 16 percent on a same-store basis, while gaming hardware sales were up 500 percent and home theater sales up 37 percent, Conn’s said. Computer sales grew 56 percent, as tablet sales fell by 28 percent, it said.