Conn’s, Inc. reported year over year declines in sales and net income in the first quarter of fiscal 2012, as the company continued to see weak results in its retail and credit segments.
Conn’s, Inc. reported sales of $189.3 million in the quarter ending 4/30/2011, compared to sales of $197.9 million in the same quarter last year. The company also saw a decline in net income, which came in at $4.0 million, or $0.13 per diluted share, compared to net income of $5.8 million, or $0.26 per diluted share, in the first quarter of fiscal 2011.
The management of Conn’s, Inc. said that same store sales fell by 3.9% in the quarter, as the company saw lower sales in the home office, appliance and consumer electronics product lines.
Conn’s, Inc. experienced an increase in sales volumes in the furniture and mattress category and had retail gross margins of 28.4% in the most recent quarter compared to 28.1% in the first quarter of fiscal 2011.
In the Credit segment, Conn’s, Inc. saw a decline in the total portfolio balance leading to lower interest earned during the quarter. The company also saw an increase in the cost of borrowing during the quarter due to a recent refinancing at the end of fiscal 2011.
For more information on the company, go to www.conns.com