UPDATE: Conn's Posts Upbeat Q1 Profit, Lifts Full-Year Forecast

Conn's Inc

reported a stronger-than-expected first-quarter profit and lifted its full-year earnings forecast. Conn's now projects full-year earnings of $1.30 to $1.40 per share, versus its earlier forecast of $1.20 to $1.30 per share. Conn's quarterly earnings surged to $11.5 million, $0.35 per share, versus $4.4 million, or $0.14 per share, in the year-ago period. However, analysts were expecting a profit of $0.33 per share. Its revenue gained 5% to $200.9 million, while same-store sales surged 17.8%. Its gross margins rose to 33.7%, from 30.5%. Conn's shares closed at $17.71 on Friday.