- Conn's (NASDAQ:NASDAQ:CONN) reports same-store sales fell 5.1% in Q2.
- Net sales by category: Furniture and mattress: $105.56M (+6.8%); Home appliance: $101.36M (+4.2%); Consumer electronics: $65.74M (-5.7%); Home office: $21.7M (-5.4%); Other: $5.37M (+7.9%); Repair service agreement commissions: $28.31M (+2%); Service revenues: $3.97M (+14.9%).
- Credit revenue decreased 6.7% to $65.7M.
- Furniture unit volume rose 4.8% & mattress unit volume up 4.3%.
- Home appliance unit volume increased 5.2%.
- Consumer electronic unit volume dropped 10.1%.
- Home office unit volume squeezed 9.7%.
- Retail gross margin slipped 60 bps to 37.1%.
- Adjusted retail operating margin declined 260 bps to 11.6%.
- Retail store count +17 Y/Y to 112.
- Q3 Guidance: Same-store sales: down high single digits; Retail gross margin rate: 36.5% to 37.25%; SG&A expense rate: 29.25% to 29.9%; Interest expense: $24.5M to $26.5M.