Conn's, Inc. Reports January and Fourth Quarter Fiscal 2016 Sales and Delinquency Data
The following table presents the Company's percentage change in same
store sales for the month and three months ended
Month Ended
|
Three Months Ended
|
||||||
Same store sales % change (as compared to the same prior-year period): | |||||||
Furniture and mattress | 12.3 | % |
15.2 |
% |
|||
Home appliance | (0.3 | ) | (1.2 | ) | |||
Consumer electronic | (15.7 | ) | (13.3 | ) | |||
Home office | (11.0 | ) | (11.3 | ) | |||
Other | (13.9 | ) | (17.8 | ) | |||
Product sales | (2.4 | ) | (2.0 | ) | |||
Repair service agreement commissions | (1.5 | ) | 0.6 | ||||
Total net sales |
(2.3 |
)% |
(1.7 |
)% |
|||
Total net sales (excluding exited products) | 0.6 | % | 3.6 | % | |||
As of |
|||||||
60-plus day delinquency rate | 9.9 | % | |||||
"Sales comparisons of January to last year for the consumer electronics
category were negatively affected by a one-week shift in the timing of
the
"While sales performance continued to be softer in our markets with greater oil industry concentration, we have seen performance stabilize over the past few months. Excluding exited products, same store sales during the fourth quarter were up 0.9% in those areas that we believe are more affected by the oil industry, compared to a same store sales increase of 5.1% for the balance of our markets.
"Greater than 60-day delinquency was 9.9% as of
All of the above
About Conn's, Inc.
Conn's is a specialty retailer currently operating approximately 100
retail locations in
- Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
- Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
- Consumer electronics, including LCD, LED, 3-D and Ultra HD televisions, Blu-ray players, home theater and portable audio equipment; and
- Home office, including computers, printers and accessories.
Additionally, Conn's offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn's provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party rent-to-own payment plans.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. Such forward-looking statements include
information concerning the Company's future financial performance,
business strategy, plans, goals and objectives. Statements containing
the words "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "project," "should," or the negative of such
terms or other similar expressions are generally forward-looking in
nature and not historical facts. We can give no assurance that such
statements will prove to be correct, and actual results may differ
materially. A wide variety of potential risks, uncertainties, and other
factors could materially affect the Company's ability to achieve the
results either expressed or implied by the Company's forward-looking
statements including, but not limited to: general economic conditions
impacting the Company's customers or potential customers; the Company's
ability to execute periodic securitizations of future originated
customer loans including the sale of any remaining residual equity on
favorable terms; the Company's ability to continue existing customer
financing programs or to offer new customer financing programs; changes
in the delinquency status of the Company's credit portfolio; unfavorable
developments in ongoing litigation; increased regulatory oversight;
higher than anticipated net charge-offs in the credit portfolio; the
success of the Company's planned opening of new stores; technological
and market developments and sales trends for the Company's major product
offerings; the Company's ability to protect against cyber-attacks or
data security breaches and to protect the integrity and security of
individually identifiable data of the Company's customers and employees;
the Company's ability to fund its operations, capital expenditures, debt
repayment and expansion from cash flows from operations, borrowings from
the Company's revolving credit facility, and proceeds from accessing
debt or equity markets; the ability to continue the repurchase program;
and other risks detailed in the Company's most recent
The Company makes available in the investor relations section of its
website at ir.conns.com updated monthly reports to the holders of its
asset-backed notes. This information reflects the performance of the
securitized portfolio only, in contrast to the financial statements
contained herein, which reflect the performance of all of the Company's
outstanding receivables, including those originated subsequent to those
included in the securitized portfolio. The website and the information
contained on our website is not incorporated in this or any other
document filed with the
CONN-G
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Source: Conn's, Inc.
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