UPDATE: Conn's Posts Higher Q1 Earnings, Shares Gain

Conn's

reported a 34% gain in its fiscal first-quarter earnings. Conn's same-store sales climbed around 15.6%. Electronics same-store sales gained 3%, while furniture and mattress sales jumped 64.7%. Conn's posted a quarterly profit of $28.5 million, or $0.77 per share, versus a year-ago profit of $22.2 million, or $0.61 per share. Excluding certain items, its adjusted earnings came in at $0.80 per share. Its revenue jumped 33.6% to $335.4 million. However, analysts were projecting a profit of $0.73 per share on revenue of $329 million. Conn's retail gross margin widened to 41.4% versus 40.3%, while total retail sales rose 33% to $278.1 million. Credit revenue climbed 38.9% to $57.4 million. Conn's laundry sales climbed 35%, while refrigeration sales jumped 32%. Cooking sales jumped 23%, television sales increased 11%, computer sales jumped 60% and tablet sales fell 15% in the period. The company's press release offered the following comment from Theodore M. Wright, Conn's chairman and chief executive officer: “First quarter results met our expectations with solid performance in both the retail and credit operations.” Conn's affirmed its outlook for the full year. Conn's shares surged 13.64% to $53.00 in pre-market trading.