Conn’s, Inc. Reports Net Sales for the Quarter Ended July 31, 2012
Conn’s, Inc. (NASDAQ: CONN), a specialty retailer of home appliances, furniture, mattresses and consumer electronics and provider of consumer credit, today announced its net sales for the three months ended July 31, 2012.
Net sales were $171.7 million for the three months ended July 31, 2012, an increase of $19.7 million, or 12.9%, from the same period last year. Net sales represent total product sales, repair service agreement commissions and service revenues. Same store sales (sales recorded in stores operated for the entirety of both periods) for the quarter ended July 31, 2012 rose 21.5% over the comparable prior-year period.
Theodore M. Wright, the Company’s Chairman and CEO, commented, “We opened our new store in Waco, Texas in mid-June. The new Conn’s Home Plus store delivered solid revenues in July – positioning it within the top 10% of our 65 stores ranked on sales.”
The retail gross margin, which includes gross profit from both product and repair service agreement sales, was approximately 33.5% for the quarter ended July 31, 2012, an approximate 470 basis point and 760 basis point increase over the same periods in fiscal 2012 and 2011, respectively. Retail gross margins increased sequentially each month within the current quarter. The following table presents net sales by category and changes in net sales for the quarter:
|Quarter ended July 31,||
|2012||% of Total||2011||% of Total||
Conn’s, Inc., Beaumont
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