Conn's Inc (NASDAQ: CONN) rose sharply, after the company reported better-than-expected results for its first quarter on Thursday.
The Texas-based specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced its financial results for the quarter ended April 30, 2018.
Total retail revenues were $275.8 million, compared to $279.4 million for the three months ended April 30, 2017. The decrease of 1.3% was primarily related to a decline in same store sales partially offset by new store openings.
Net income was $12.7 million, or $0.39 per diluted share, compared to a net loss for the three months ended April 30, 2017 of $2.6 million, or $0.08 per diluted share.
Said CEO Norm Miller, "Fiscal year 2019 is off to an excellent start. First quarter retail results were driven by an improving same store sales trend. This included positive same store sales for the month of April, which is the first positive month of same store sales in over two years. In addition, retail results benefited from record first-quarter retail gross margin.
"With our credit platform on a clear path towards improved financial results, we continue to focus on driving sustainable growth in our highly profitable retail segment. Our first quarter results reflect accelerating momentum throughout our business and we believe that fiscal year 2019 will be a strong year for the Company."
Conn’s shares hurtled higher $5.95, or 23.2%, to $31.60, mid-morning Thursday.
