- Conn’s, Inc. (NASDAQ:CONN) reported a first-quarter FY24 sales decline of 16.3% year-over-year to $284.57 million, missing the consensus of $306.06 million.
- Same-store sales decreased by 20.1% versus last year, and eCommerce sales increased 24.6%.
- Adjusted EPS loss of $(1.52) missed the consensus of $(1.33).
- Retail revenues decreased by 17.8% Y/Y, primarily driven by a decrease in same-store sales.
- Credit segment revenues declined 8.2% Y/Y, primarily due to a decrease in the average outstanding balance of the customer accounts receivable portfolio and a decline in insurance commissions.
- The company opened three new standalone stores in the quarter. During fiscal year 2024, the company plans to open 11 standalone locations.
- Conn’s exited the quarter with cash and equivalents worth $46.1 million.
- “Despite a difficult backdrop, we continue to refocus our efforts to better serve our core credit-constrained consumers, grow our eCommerce business and launch our in-house lease-to-own offering,” stated Norm Miller, Interim President and Chief Executive Officer.
- “While we expect a challenging economic landscape to continue throughout the year, we believe we are on the right track to emerge from this period as a stronger, profitable company that is well positioned to serve the growing needs of our core credit-constrained customers,” he added.
- Price Action: CONN shares are trading lower by 16.25% to $3.40 in the premarket session on the last check Thursday.
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