Conn's Q3 Earnings Top Estimates

  • Conn's Inc CONN reported a third-quarter FY23 sales decline of 20.8% year-on-year to $321.20 million, beating the consensus of $315.55 million. Same-store sales decreased 27.0% versus last year.
  • Adjusted EPS loss of $(0.78) beat the consensus of $(0.83).
  • Retail revenues decreased 24%, and the Credit segment revenues declined 5.7%.
  • Costs and expenses for the quarter fell 9.8% Y/Y to $339.2 million.
  • Operating loss for the quarter was $(17.9) million against a profit of $29.5 million last year.
  • The company held $54 million in cash and equivalents as of October 31, 2022.
  • "Retail sales remain challenged by macroeconomic headwinds, which continues to impact discretionary spending, and lower year-over-year lease-to-own sales," said Norm Miller, Interim President and CEO.
  • The company plans to open a total of 11 standalone locations in fiscal 2023.
  • Price Action: CONN shares closed lower by 12.47% at $8.63 on Monday.
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