Texas-based electronics and home appliance retailer Conn's Inc. (NASDAQ: CONN) reported a third-quarter loss and withdrew its 2015 profit forecast, sending its shares down as much as 40% in pre-market trading.
Shares of the company, which also said CFO Brian Taylor had resigned, were set to open at a more-than-two-year low on Tuesday. The shares were trading at $22.20 U.S. soon after Tuesday's open, down $12.89, or 36.7%, from Monday's close, and a far cry from a 52-week high of $80.34 U.S., registered the day after last Christmas.
Conn's said in October it would consider selling itself or separating its volatile lending business as part of a strategic review.
The company reported a net loss of $3.1 million U.S., or eight cents per share for the third quarter ended Oct. 31, compared with a profit of $24.4 million U.S. or 66 cents U.S. per share a year earlier.
