Conn's 2Q Profit Misses Expectations

Conn's Inc. reports its fiscal second-quarter net income fell 8 percent as expenses rose.

The Woodlands-based Conn's on Tuesday reported earning $17.7 million, or 48 cents per share, for the three months ended July 31. That compares with $19.2 million, or 52 cents per share, a year earlier.

Expenses increased to $319 million from $237.5 million.

Excluding one-time items, earnings were 50 cents per share. Analysts predicted 75 cents per share.

Revenue climbed 30 percent to $353 million from $270.7 million as furniture and mattress sales surged. Wall Street expected $353.9 million.

Conn's sells couches, TVs and refrigerators at its stores nationwide. It also provides credit to customers who need it to purchase items.

Copyright AP - Associated Press
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