Conn’s, Inc. (NASDAQ: CONN) suffered a sharp drop in share prices Tuesday morning, on the release of its latest quarterly financial figures.
The company, out of The Woodlands, Texas, which is a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced operating cash flows of $152.5 million, an increase of over 200% from the prior fiscal year period.
Conn’s also recently amended its revolving credit facility to help navigate the COVID-19 crisis and had total cash and available liquidity at June 5, 2020 of over $295.0 million.
Net loss for the three months ended April 30, 2020 was $56.2 million, or $1.95 per diluted share, compared to net income for the three months ended April 30, 2019 of $19.5 million, or $0.60 per diluted share.
On a non-GAAP basis, adjusted net loss for the three months ended April 30, 2020 was $54.6 million, or $1.89 per diluted share, which excludes professional fees associated with non-recurring expenses relating to fiscal year 2020.
This compares to adjusted prior-year net income of $19.0 million, or $0.58 per diluted share, which excludes a gain from increased sublease income related to the consolidation of our corporate headquarters.
Said CEO Norm Miller, "As an essential business, we have maintained store operations throughout the COVID-19 pandemic through a mix of modified operating hours and enhanced employee programs, including temporarily increasing hourly wages by $2 per hour to support our front-line employees and implementing a work from home program for our corporate teams, so that we may continue to assist our customers get the goods they need to shelter-in-place."
Shares fell 89 cents, or 7.9%, to $10.38, to begin trading on Tuesday.
