Conn's Shares Crashing Following Q4 Miss

Shares of

plunged more than 20 percent on Tuesday after the company reported its

. Conn's said that it earned $0.11 per share in the fourth quarter on revenue of $456.8 million. Wall Street analysts were expecting the company to earn $0.28 per share on revenue of $455.8 million. Same-store sales for the quarter rose 3.6 percent, excluding the impact of the company's decision to exit video game products, digital cameras and the sale of certain tablets. Net income for the quarter fell to $1.061 million from $15.458 million in the same quarter a year ago as the company recorded a pre-tax charge of $3.9 million that was associated with the exploration of strategic alternatives. Norm Miller, Conn's Chief Executive Officer and President, commented, "Over the past four years Conn's has evolved into a regional retailer providing a unique, compelling retail and credit offering to customers through our network of over 100 stores in 12 states. We remain confident in our market opportunity, our business model, and the value we provide our customers. Going forward, we are making strategic enhancements in our business to digest the rapid growth we have experienced and improve our infrastructure to produce consistent and predictable earnings growth. During fiscal 2017 we will make investments in IT, credit, and personnel to support our long-term goal of becoming a national retailer, while moderating our revenue growth plan to ensure a high level of execution. Conn's also announced that its Board of Directors has named Norm Miller to succeed Theodore Wright as Chairman of the Board. Finally, Conn's issued guidance and expects total revenue growth for fiscal 2017 to be in the mid to high single digits and changes in same-store sales to range from down a low single digit to flat.