Rising TV ASP's Offset a 12 Percent Unit Sales Drop in Conn's Latest Quarter
Conn’s FY sales for Q3 ended Oct. 31 fell 4.5 percent to $308.4 million, said the company in a Tuesday earnings release. Its net loss widened to $3.8 million, from $2.4 million in the year-ago quarter. Consumer electronics revenue, 21.3…
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percent of the mix, sank 6.5 percent, and same-store CE sales dropped 9.9 percent, it said. CE unit volume tumbled 12 percent, partially offset by a 7 percent bump in average selling prices (ASPs). TV sales tapered off 5.7 percent on a unit volume decrease of 12 percent that was buoyed by a 6.7 percent rise in ASPs during the period, Conn’s said. The company opened a Conn's HomePlus store in North Carolina during the quarter, its 10th opening of the fiscal year, bringing the total store count to 113. Conn's plans to open three stores in FY 2018. For Q4, the retailer guided to a same-store sales drop of 10 percent.