Conn's Inc (NASDAQ: CONN) announced its financial results for the quarter ended July 31, 2019.
The Woodlands, Texas-based maker of furniture and appliances, reported Tuesday total retail sales of $306.1 million, an increase of 3.3% over the prior fiscal-year period. Same store sales increased 0.4% in non-Hurricane Harvey markets.
Net income for the three months ended July 31, 2019 was $20.0 million, or $0.62 per diluted share, compared to net income for the three months ended July 31, 2018 of $17.0 million, or $0.53 per diluted share.
On a non-GAAP basis, adjusted net income for the three months ended July 31, 2019 was $20.0 million, or $0.62 per diluted share. This compares to adjusted net income for the three months ended July 31, 2018 of $18.3 million, or $0.57 per diluted share.
Second-quarter retail gross margin was 40.5%, with consolidated operating margin of 10.4%
CEO Norm Miller commented, "Retail sales growth as a result of new store openings, strong retail profitability, and favorable credit performance drove record second quarter earnings of $0.62 per diluted share. Our e-commerce sales are quickly ramping, and we are well positioned to serve our customers online as we expand our geographic footprint.
"During the second half of this fiscal year, we expect to lap the benefits Hurricane Harvey rebuilding efforts had on same store sales, which has impacted the year-over-year sales comparison over the past four quarters."
Shares boosted $2.65, or 13.1%, to $22.81
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