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Conn’s June sales climb 11.9%
Furniture, electronics and appliances retailer Conn’s said preliminary June sales rose 11.9% and same-store sales were up 1.1% for the month, as it cut some electronics products out of the mix and was up against strong comps for the previous month.
The credit-oriented retailer also reported its consumer credit delinquency rate, consisting of accounts more than 60 days past due, rose slightly during the month to 8.9% from 8.2% from June 2014, partly the result of a seasonal increase.
Net sales rose to $102.6 million. The 1.1% same-store gain compares to an 11.2% increase in June of last year. Furniture and mattress same-store sales were up 5.9%.
“Furniture and mattress and home appliance categories had strong performance with normal inventory levels during the month,” Conn’s Chairman and CEO Theodore Wright said in a release.
“Same-store sales were impacted by our decision to exit video game products, digital cameras, and certain tablets,” he said. Excluding that impact, same-store sales increased 5.1%.
Wright also noted sales volume was reduced during the month compared to June 2014 due to tighter credit underwriting implemented during the first three quarters of this fiscal year, with an estimated impact of about 2% on same-store sales.
In other news, the Top 100 company announced the hiring of Thomas Moran as chief financial officer, effective July 27. He will succeed Mark Haley, who served as interim CFO and will continue as vice president and chief accounting officer.
Most recently, Moran was executive vice president and CFO for West Marine, a leading retailer of boating supplies, gear, apparel and other boating-related products. He joined West Marine as senior vice president and CFO in January 2007.
Conn’s operates about 90 retail stores in Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Source: Furniture Today