Severe weather doesn’t faze Conn’s in fourth quarter
Severe weather in the fourth quarter did not prevent Conn’s from reaching its sales objectives, but increases in wholesale television prices affected electronics sales.
“Net purchase prices for consumers increased significantly for many of our key television models and same store sales trends in electronics are below fourth-quarter fiscal 2014 levels. While our sales outlook for other product categories remains positive, we have revised our fiscal 2015 guidance to include lower expected sales rates in electronics,” said chairman and CEO Theodore M. Wright.
Still, on a year-over-year basis, Conn’s net sales for the fourth quarter of fiscal 2014 were an estimated $301.6 million, increasing 44.8% from the same period last year.
Net sales represent total product sales, repair service agreement commissions and service revenues. Same store sales rose an estimated 33.4% over the comparable prior-year period. In addition, Conn’s expects to open 15 to 20 new HomePlus stores in fiscal 2015.