- Conn's (NASDAQ:NASDAQ:CONN) reports same-store sales fell 10.1% in Q3.
- Net sales by category: Furniture and mattress: $98.9M (-6.5%); Home appliance: $85.79M (-0.8%); Consumer electronics: $65.67M (-6.5%); Home office: $22.75M (-12.9%); Other: $4.96M (+8.2%); Repair service agreement commissions: $26.35M (+1.2%); Service revenues: $3.62M (+4.3%).
- Credit revenue dropped 5.2% to $68.4M.
- Furniture unit volume down 13.7% & mattress unit volume -7.3%.
- Home appliance unit volume rose 5.6%.
- Consumer electronic unit volume slipped 11.8%.
- Home office unit volume declined 12.2%.
- Retail gross margin grew 40 bps to 37.5%.
- Operating margin squeezed 10 bps to 11%.
- Retail store count +12 Y/Y to 113.
- Q4 Guidance: Same-store sales: down ~10%; Retail gross margin rate: 37% to 37.5%; SG&A expense rate: 27.75% to 28.75%; Interest expense: $25.5M to $26.5M.