Conn's hammered after credit program backfires

|By:, SA News Editor

It's a full-blown disaster at Conn's (CONN) as an in-house credit program backfires with charge-offs and deliquencies soaring in Q4.

Same-store sales for home appliances and furniture were much improved from a year ago, but more customers not paying their bills will hit Conn's bottom line.

Shares are getting hammered with the retailer dropping its estimate for Q4 EPS to $0.75-$0.80 vs $0.93 consensus.

CONN -28.6% premarket