Stellar Ultra HD Report at Conn's Masked by Chain's Credit-Risk Troubles
A rather stellar Conn’s report on Ultra HD sales performance for the month of November was buried beneath the disclosures of poor credit risk oversight Tuesday that caused the retailer’s shares to plummet 40 percent and see its chief financial…
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officer depart the company with little warning (see 1412100040). November same-store sales of TVs at Conn’s increased 6 percent, CEO Theo Wright said on an earnings call Tuesday. That put TVs on par with the 7 percent Q3 same-store sales rise in furniture and mattresses, the categories Conn’s flocked to years ago as a hedge against declines in CE sales. "The Black Friday weekend was outstanding," Wright said. "Television sales trends reversed and TV comps were positive for the weekend with a strong Ultra HD performance." Ultra HD "is the big winner for us so far in the holiday period," Wright said, citing two models of curved Samsung Ultra HD sets that recorded "higher sales in one month than any other SKU in the company's history. We're excited to see a new television technology that is generating consumer enthusiasm. With prices below $2,000 and larger screen sizes, we could see a meaningful replacement cycle."