Conn's Boosts Market Share, Sales Fall
Updated 9:45 AM CDT, Thu, Nov 5, 2009
Conn's Inc. said Thursday third-quarter sales fell 7.2 percent due to challenging economic conditions, but the regional electronics and appliance retailer also said it boosted market share during the three months ended in October.
Third-quarter revenue fell to $161.4 million, down from the year-earlier level of $173.9 million.
Analysts polled by Thomson Reuters expected, on average, revenue of $197.8 million.
Sales of stores open at least one year declined in the third quarter 9.3 percent because of "challenging economic conditions in the company's markets during the quarter and the impact of the hurricanes experienced in September 2008," Conn's said.
Conn's, which operates in Texas, Louisiana and Oklahoma, will report full third-quarter results Nov. 27.
The company said it beat its peers, though, in the third quarter, citing U.S. Census Bureau data showing retail sales for appliance and electronics stores declining 11.3 percent nationally, while the company's sales in these categories declined only 6.5 percent.
Conn's added that its furniture and mattresses sales rose 10 percent while sales in furniture and home furnishings fell 10.4 percent nationally, according to U.S. Census Bureau data.
Copyright Associated Press
First Published: Nov 5, 2009 9:35 AM CDT
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