Conn’s, Inc. Reports Fourth Quarter and Full Year Fiscal Year 2023 Financial Results
Conn's, Inc. (NASDAQ: CONN) reported financial results for the quarter and year ended January 31, 2023, showing a 15.6% decline in total consolidated revenue to $1.3 billion. The company faced a challenging economic environment and a 20.5% drop in same store sales. Fourth quarter net loss totaled $42.8 million, or $1.79 per diluted share, compared to a net income of $7.6 million a year prior. Despite this, eCommerce sales rose 10.8% to a record $79 million. The company plans to expand its in-house lease-to-own program, which may positively impact future revenue and earnings.
- eCommerce sales increased 10.8% to a record $79 million.
- Initiated in-house lease-to-own transactions and plans to expand this program in fiscal year 2024.
- Total consolidated revenue declined 15.6% to $1.3 billion.
- Same store sales decreased 20.5%.
- Net loss of $42.8 million for the fourth quarter compared to net income of $7.6 million in the previous year.
- Retail revenue decreased 18.7% to $270.8 million.
THE WOODLANDS, Texas, March 29, 2023 (GLOBE NEWSWIRE) -- Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”), a specialty retailer of home goods, including furniture, appliances and consumer electronics, with a mission to elevate home life to home love, today announced its financial results for the quarter and year ended January 31, 2023.
“Our fourth quarter performance reflects the actions underway to refocus our efforts on serving our core credit constrained customers as we continue to face the impacts of macroeconomic headwinds and changes in consumer behavior. Providing multiple financing options is our key differentiator and we are pursuing profitable growth strategies aimed at enhancing the payment options we provide the tens of millions of consumers who visit our stores and website each year,” stated Norm Miller Interim President and Chief Executive Officer.
“During the fourth quarter, we completed the final phase of our eCommerce platform conversion, which further enhances our digital capabilities and produced record fourth-quarter and full-year eCommerce sales. In addition, we recently began originating our first in-house lease-to-own transactions and we expect to expand this program throughout fiscal year 2024. We believe our in-house lease-to-own program will be a transformative opportunity for the Company that has the potential to significantly benefit revenue and earnings in the coming years,” continued Mr. Miller.
“While we believe the economic landscape will remain challenging throughout the coming fiscal year, we are confident that the strategies we are pursuing will enable us to emerge from this period stronger, more focused and better positioned to create lasting value for our customers, employees, and shareholders,” concluded Mr. Miller.
Fiscal Year 2023 Financial Highlights as Compared to the Prior Fiscal Year (Unless Otherwise Noted):
- Total consolidated revenue declined
15.6% to$1.3 billion , due to a17.5% decline in total net sales, and a6.6% reduction in finance charges and other revenues; - Same store sales decreased
20.5% ; - eCommerce sales increased
10.8% to an annual record of$79.0 million ; - Carrying value of re-aged accounts declined to
$160.9 million from$182.0 million ; - Credit spread was 910 basis points;
- Reported a net loss of
$2.46 per diluted share, compared to net income of$3.61 per diluted share for the same period last fiscal year; and - Reported an adjusted net loss of
$2.00 per diluted share, compared to an adjusted net income of$3.71 per diluted share last fiscal year.
Fourth Quarter Financial Highlights as Compared to the Prior Fiscal Year Period (Unless Otherwise Noted):
- Total consolidated revenue declined
16.8% to$334.9 million , due to an18.7% decline in total net sales, and a7.7% reduction in finance charges and other revenues; - Same store sales decreased
21.8% ; - eCommerce sales increased to a quarterly record of
$24.2 million ; - Reported a net loss of
$1.79 per diluted share, compared to net income of$0.26 per diluted share for the same period last fiscal year; and - Reported an adjusted net loss of
$1.53 per diluted share, compared to an adjusted net income of$0.33 per diluted share for the same period last fiscal year.
Fourth Quarter Results
Net loss for the fourth quarter of fiscal year 2023 was
Retail Segment Fourth Quarter Results
Retail revenues were
For the three months ended January 31, 2023, retail segment operating loss was
The following table presents net sales and changes in net sales by category:
| Three Months Ended January 31, | Same Store | ||||||||||||||||||||
| (dollars in thousands) | 2023 | % of Total | 2022 | % of Total | Change | % Change | % Change | ||||||||||||||
| Furniture and mattress | $ | 85,984 | 31.8 | % | $ | 100,662 | 30.3 | % | $ | (14,678 | ) | (14.6)% | (18.3)% | ||||||||
| Home appliance | 96,891 | 35.8 | 122,961 | 37.0 | (26,070 | ) | (21.2 | ) | (23.3 | ) | |||||||||||
| Consumer electronics | 42,493 | 15.7 | 58,032 | 17.4 | (15,539 | ) | (26.8 | ) | (28.7 | ) | |||||||||||
| Home office | 9,871 | 3.6 | 16,826 | 5.1 | (6,955 | ) | (41.3 | ) | (42.0 | ) | |||||||||||
| Other | 12,763 | 4.8 | 9,307 | 2.8 | 3,456 | 37.1 | 10.5 | ||||||||||||||
| Product sales | 248,002 | 91.7 | 307,788 | 92.6 | (59,786 | ) | (19.4 | ) | (22.7 | ) | |||||||||||
| Repair service agreement commissions (1) | 20,190 | 7.5 | 22,501 | 6.8 | (2,311 | ) | (10.3 | ) | (12.4 | ) | |||||||||||
| Service revenues | 2,265 | 0.8 | 2,436 | 0.6 | (171 | ) | (7.0 | ) | |||||||||||||
| Total net sales | $ | 270,457 | 100.0 | % | $ | 332,725 | 100.0 | % | $ | (62,268 | ) | (18.7)% | (21.8)% | ||||||||
(1) The total change in sales of repair service agreement commissions includes retrospective commissions, which are not reflected in the change in same store sales.
Credit Segment Fourth Quarter Results
Credit revenues were
Provision for bad debts increased to
Credit segment operating loss was
Additional information on the credit portfolio and its performance may be found in the Customer Accounts Receivable Portfolio Statistics table included within this press release and in the Company’s Form 10-K for the fiscal year ended January 31, 2023, to be filed with the Securities and Exchange Commission on March 29, 2023.
Store and Facilities Update
The Company opened four new standalone stores and closed one standalone store during the fourth quarter of fiscal year 2023 bringing the total store count to 168 in 15 states. During fiscal year 2024, the Company plans to open 11 new standalone locations.
Liquidity and Capital Resources
As of January 31, 2023, the Company had
On November 21, 2022, the Company entered into an Amendment No.1 (the "Amendment") to the Fifth Amended and Restated Loan and Security Agreement. The Amendment, among other things, replaces the interest rate benchmark and provides for a covenant relief period beginning with the third quarter of fiscal year 2023 and continuing until the Company delivers financial statements and compliance certificate for the fiscal quarter ending April 30, 2024, unless earlier terminated pursuant to the terms of the Amendment. Additional detail with respect to the Amendment No.1 to the Fifth Amended and Restated Loan Agreement may be found in the Third Quarter Form 10-Q.
On November 30, 2022, the Company completed the sale of
On February 21, 2023, the Company entered into a
Conference Call Information
The Company will host a conference call on March 29, 2023, at 10 a.m. CT / 11 a.m. ET, to discuss its financial results for the three months and full year ended January 31, 2023. Participants can join the call by dialing 877-451-6152 or 201-389-0879. The conference call will also be broadcast simultaneously via webcast on a listen-only basis. A link to the earnings release, webcast and fourth quarter and full year fiscal year 2023 conference call presentation will be available at ir.conns.com.
Replay of the telephonic call can be accessed through April 5, 2023 by dialing 844-512-2921 or 412-317-6671 and using Conference ID: 13734642.
About Conn’s, Inc.
Conn's HomePlus (NASDAQ: CONN) is a specialty retailer of home goods, including furniture, appliances and consumer electronics, with a mission to elevate home life to home love. With 168 standalone stores across 15 states and online at Conns.com, our over 3,800 employees strive to help all customers create a home they love through access to high-quality products, next-day delivery and personalized payment options, including our flexible, in-house credit program. Additional information can be found by visiting our investor relations website at https://ir.conns.com and social channels (@connshomeplus on Twitter, Instagram, Facebook and LinkedIn).
This press release contains forward-looking statements within the meaning of the federal securities laws, including but not limited to, the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements include information concerning our future financial performance, business strategy, plans, goals and objectives. Statements containing the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “predict,” “will,” “potential,” or the negative of such terms or other similar expressions are generally forward-looking in nature and not historical facts. Such forward-looking statements are based on our current expectations. We can give no assurance that such statements will prove to be correct, and actual results may differ materially. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by our forward-looking statements, including, but not limited to: general economic conditions impacting our customers or potential customers; our ability to execute periodic securitizations of future originated customer loans on favorable terms; our ability to continue existing customer financing programs or to offer new customer financing programs; changes in the delinquency status of our credit portfolio; unfavorable developments in ongoing litigation; increased regulatory oversight; higher than anticipated net charge-offs in the credit portfolio; the success of our planned opening of new stores; expansion of our e-commerce business; technological and market developments and sales trends for our major product offerings; our ability to manage effectively the selection of our major product offerings; our ability to protect against cyber-attacks or data security breaches and to protect the integrity and security of individually identifiable data of our customers and employees; our ability to fund our operations, capital expenditures, debt repayment and expansion from cash flows from operations, borrowings from our Revolving Credit Facility and Term Loan; and proceeds from accessing debt or equity markets; the effects of epidemics or pandemics, including the COVID-19 pandemic; and other risks detailed in Part I, Item 1A, Risk Factors, in our Annual Report on Form 10-K for the fiscal year ended January 31, 2023 and other reports filed with the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise, or to provide periodic updates or guidance. All forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
CONN-G
S.M. Berger & Company
Andrew Berger (216) 464-6400
CONN’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in thousands, except per share amounts)
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||
| Revenues: | |||||||||||||
| Total net sales | $ | 270,457 | $ | 332,725 | $ | 1,076,590 | $ | 1,305,389 | |||||
| Finance charges and other revenues | 64,418 | 69,763 | 265,937 | 284,642 | |||||||||
| Total revenues | 334,875 | 402,488 | 1,342,527 | 1,590,031 | |||||||||
| Costs and expenses: | |||||||||||||
| Cost of goods sold | 179,292 | 213,768 | 710,234 | 825,987 | |||||||||
| Selling, general and administrative expense | 137,043 | 142,490 | 526,212 | 544,490 | |||||||||
| Provision for bad debts | 44,134 | 28,526 | 121,193 | 48,184 | |||||||||
| Charges and credits | 7,838 | 2,677 | 14,360 | 2,677 | |||||||||
| Total costs and expenses | 368,307 | 387,461 | 1,371,999 | 1,421,338 | |||||||||
| Operating (loss) income | (33,432 | ) | 15,027 | (29,472 | ) | 168,693 | |||||||
| Interest expense | 13,084 | 5,260 | 36,891 | 25,758 | |||||||||
| Loss (gain) on extinguishment of debt | — | — | — | 1,218 | |||||||||
| Income (loss) before income taxes | (46,516 | ) | 9,767 | (66,363 | ) | 141,717 | |||||||
| Provision (benefit) for income taxes | (3,713 | ) | 2,203 | (7,071 | ) | 33,512 | |||||||
| Net (loss) income | $ | (42,803 | ) | $ | 7,564 | $ | (59,292 | ) | $ | 108,205 | |||
| Income (loss) per share: | |||||||||||||
| Basic | $ | (1.79 | ) | $ | 0.26 | $ | (2.46 | ) | $ | 3.70 | |||
| Diluted | $ | (1.79 | ) | $ | 0.26 | $ | (2.46 | ) | $ | 3.61 | |||
| Weighted average common shares outstanding: | |||||||||||||
| Basic | 23,953,620 | 28,815,757 | 24,117,265 | 29,267,691 | |||||||||
| Diluted | 23,953,620 | 29,638,572 | 24,117,265 | 30,001,490 | |||||||||
CONN’S, INC. AND SUBSIDIARIES
RETAIL SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenues: | |||||||||||||||
| Product sales | $ | 248,002 | $ | 307,788 | $ | 986,600 | $ | 1,205,545 | |||||||
| Repair service agreement commissions | 20,190 | 22,501 | 80,446 | 89,101 | |||||||||||
| Service revenues | 2,265 | 2,436 | 9,544 | 10,743 | |||||||||||
| Total net sales | 270,457 | 332,725 | 1,076,590 | 1,305,389 | |||||||||||
| Other revenues | 304 | 254 | 1,119 | 949 | |||||||||||
| Total revenues | 270,761 | 332,979 | 1,077,709 | 1,306,338 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Cost of goods sold | 179,292 | 213,768 | 710,234 | 825,987 | |||||||||||
| Selling, general and administrative expense | 103,087 | 105,374 | 391,393 | 399,393 | |||||||||||
| Provision for bad debts | 48 | 283 | 896 | 479 | |||||||||||
| Charges and credits | 7,838 | 2,677 | 14,360 | 2,677 | |||||||||||
| Total costs and expenses | 290,265 | 322,102 | 1,116,883 | 1,228,536 | |||||||||||
| Operating (loss) income | $ | (19,504 | ) | $ | 10,877 | $ | (39,174 | ) | $ | 77,802 | |||||
| Retail gross margin | 33.7 | % | 35.8 | % | 34.0 | % | 36.7 | % | |||||||
| Selling, general and administrative expense as percent of revenues | 38.1 | % | 31.6 | % | 36.3 | % | 30.6 | % | |||||||
| Operating margin | (7.2)% | 3.3 | % | (3.6)% | 6.0 | % | |||||||||
| Store count: | |||||||||||||||
| Beginning of period | 165 | 157 | 158 | 146 | |||||||||||
| Opened | 4 | 1 | 11 | 12 | |||||||||||
| Closed | (1 | ) | — | (1 | ) | — | |||||||||
| End of period | 168 | 158 | 168 | 158 | |||||||||||
CONN’S, INC. AND SUBSIDIARIES
CREDIT SEGMENT FINANCIAL INFORMATION
(unaudited)
(dollars in thousands)
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenues: | |||||||||||||||
| Finance charges and other revenues | $ | 64,114 | $ | 69,509 | $ | 264,818 | $ | 283,693 | |||||||
| Costs and expenses: | |||||||||||||||
| Selling, general and administrative expense | 33,956 | 37,116 | 134,819 | 145,097 | |||||||||||
| Provision for bad debts | 44,086 | 28,243 | 120,297 | 47,705 | |||||||||||
| Charges and credits | — | — | — | — | |||||||||||
| Total costs and expenses | 78,042 | 65,359 | 255,116 | 192,802 | |||||||||||
| Operating (loss) income | (13,928 | ) | 4,150 | 9,702 | 90,891 | ||||||||||
| Interest expense | 13,084 | 5,260 | 36,891 | 25,758 | |||||||||||
| Loss (gain) on extinguishment of debt | — | — | — | 1,218 | |||||||||||
| Income (loss) before income taxes | $ | (27,012 | ) | $ | (1,110 | ) | $ | (27,189 | ) | $ | 63,915 | ||||
| Selling, general and administrative expense as percent of revenues | 53.0 | % | 53.4 | % | 50.9 | % | 51.1 | % | |||||||
| Selling, general and administrative expense as percent of average outstanding customer accounts receivable balance (annualized) | 13.1 | % | 13.1 | % | 12.8 | % | 12.8 | % | |||||||
| Operating margin | (21.7)% | 6.0 | % | 3.7 | % | 32.0 | % | ||||||||
CONN’S, INC. AND SUBSIDIARIES
CUSTOMER ACCOUNTS RECEIVABLE PORTFOLIO STATISTICS
(unaudited)
| January 31, | |||||||
| 2023 | 2022 | ||||||
| Weighted average credit score of outstanding balances (1) | 613 | 606 | |||||
| Average outstanding customer balance | $ | 2,597 | $ | 2,498 | |||
| Balances 60+ days past due as a percentage of total customer portfolio carrying value (2)(3) | 12.7 | % | 10.4 | % | |||
| Re-aged balance as a percentage of total customer portfolio carrying value (2)(3) | 16.5 | % | 16.8 | % | |||
| Carrying value of account balances re-aged more than six months (in thousands) (3) | $ | 29,511 | $ | 50,282 | |||
| Allowance for bad debts and uncollectible interest as a percentage of total customer accounts receivable portfolio balance | 18.0 | % | 18.5 | % | |||
| Percent of total customer accounts receivable portfolio balance represented by no-interest option receivables | 34.1 | % | 33.7 | % | |||
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Total applications processed | 278,249 | 325,569 | 1,034,860 | 1,297,025 | |||||||||||
| Weighted average origination credit score of sales financed(1) | 620 | 619 | 620 | 616 | |||||||||||
| Percent of total applications approved and utilized | 22.9 | % | 21.3 | % | 22.5 | % | 21.8 | % | |||||||
| Average income of credit customer at origination | $ | 53,800 | $ | 51,100 | $ | 51,500 | $ | 49,100 | |||||||
| Percent of retail sales paid for by: | |||||||||||||||
| In-house financing, including down payments received | 56.8 | % | 51.2 | % | 53.2 | % | 51.0 | % | |||||||
| Third-party financing | 16.4 | % | 18.3 | % | 17.7 | % | 17.7 | % | |||||||
| Third-party lease-to-own option | 7.8 | % | 8.9 | % | 7.3 | % | 10.4 | % | |||||||
| 81.0 | % | 78.4 | % | 78.2 | % | 79.1 | % | ||||||||
(1) Credit scores exclude non-scored accounts.
(2) Accounts that become delinquent after being re-aged are included in both the delinquency and re-aged amounts.
(3) Carrying value reflects the total customer accounts receivable portfolio balance, net of deferred fees and origination costs, the allowance for no-interest option credit programs and the allowance for uncollectible interest.
CONN’S, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
| January 31, | |||||
| 2023 | 2022 | ||||
| Assets | |||||
| Current Assets: | |||||
| Cash and cash equivalents | $ | 19,534 | $ | 7,707 | |
| Restricted cash | 40,837 | 31,930 | |||
| Customer accounts receivable, net of allowances | 421,683 | 455,787 | |||
| Other accounts receivable | 56,887 | 63,055 | |||
| Inventories | 240,783 | 246,826 | |||
| Income taxes receivable | 38,436 | 6,745 | |||
| Prepaid expenses and other current assets | 12,937 | 8,756 | |||
| Total current assets | 831,097 | 820,806 | |||
| Long-term portion of customer accounts receivable, net of allowances | 389,054 | 432,431 | |||
| Operating lease right-of-use assets | 262,104 | 256,267 | |||
| Property and equipment, net | 218,956 | 192,763 | |||
| Other assets | 15,004 | 52,199 | |||
| Total assets | $ | 1,716,215 | $ | 1,754,466 | |
| Liabilities and Stockholders’ Equity | |||||
| Current liabilities: | |||||
| Current finance lease obligations | $ | 937 | $ | 889 | |
| Accounts payable | 71,685 | 74,705 | |||
| Accrued expenses | 82,619 | 109,712 | |||
| Operating lease liability - current | 53,208 | 54,534 | |||
| Other current liabilities | 13,912 | 18,576 | |||
| Total current liabilities | 222,361 | 258,416 | |||
| Operating lease liability - non current | 331,109 | 330,439 | |||
| Long-term debt and finance lease obligations | 636,079 | 522,149 | |||
| Deferred tax liability | 2,041 | 7,351 | |||
| Other long-term liabilities | 22,215 | 21,292 | |||
| Total liabilities | 1,213,805 | 1,139,647 | |||
| Stockholders’ equity | 502,410 | 614,819 | |||
| Total liabilities and stockholders’ equity | $ | 1,716,215 | $ | 1,754,466 | |
CONN’S, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS
(unaudited)
(dollars in thousands, except per share amounts)
Basis for presentation of non-GAAP disclosures:
To supplement the Condensed Consolidated Financial Statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company also provides the following non-GAAP financial measures: adjusted retail segment operating income (loss), adjusted net income (loss) and adjusted net income (loss) per diluted share. These non-GAAP financial measures are not meant to be considered as a substitute for, or superior to, comparable GAAP measures and should be considered in addition to results presented in accordance with GAAP. They are intended to provide additional insight into our operations and the factors and trends affecting the business. Management believes these non-GAAP financial measures are useful to financial statement readers because (1) they allow for greater transparency with respect to key metrics we use in our financial and operational decision making and (2) they are used by some of our institutional investors and the analyst community to help them analyze our operating results.
RETAIL SEGMENT ADJUSTED OPERATING (LOSS) INCOME
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||
| Retail segment operating (loss) income, as reported | $ | (19,504 | ) | $ | 10,877 | $ | (39,174 | ) | $ | 77,802 | |||
| Adjustments: | |||||||||||||
| Asset disposal (1) | 7,250 | — | 7,250 | — | |||||||||
| Employee severance (2) | — | — | 8,006 | — | |||||||||
| Store lease termination and closure costs (3) | 588 | — | (896 | ) | — | ||||||||
| Excess import freight costs (4) | — | 2,677 | — | 2,677 | |||||||||
| Retail segment operating (loss) income, as adjusted | $ | (11,666 | ) | $ | 13,554 | $ | (24,814 | ) | $ | 80,479 | |||
(1) Represents asset disposal costs related to a change in the eCommerce platform.
(2) Represents severance costs related to a change in the executive management team.
(3) Represents store closure costs for the three months ended January 31, 2023, which is offset by a gain on a lease modification for the same location for the year ended January 31, 2023.
(4) Represents non-recurring domestic transportation costs incurred due to unprecedented congestion in U.S. ports.
ADJUSTED NET INCOME AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
| Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net (loss) income, as reported | $ | (42,803 | ) | $ | 7,564 | $ | (59,292 | ) | $ | 108,205 | |||||
| Adjustments: | |||||||||||||||
| Asset disposal (1) | 7,250 | — | 7,250 | — | |||||||||||
| Employee severance (2) | — | — | 8,006 | — | |||||||||||
| Store lease termination and closure costs (3) | 588 | — | (896 | ) | — | ||||||||||
| Excess import freight costs (4) | — | 2,677 | — | 2,677 | |||||||||||
| Loss (gain) on extinguishment of debt (5) | — | — | — | 1,218 | |||||||||||
| Tax impact of adjustments (6) | (1,771 | ) | (602 | ) | (3,244 | ) | (876 | ) | |||||||
| Net (loss) income, as adjusted | $ | (36,736 | ) | $ | 9,639 | $ | (48,176 | ) | $ | 111,224 | |||||
| Weighted average common shares outstanding - Diluted | 23,953,620 | 29,638,572 | 24,117,265 | 30,001,490 | |||||||||||
| Diluted (loss) income per share: | |||||||||||||||
| As reported | $ | (1.79 | ) | $ | 0.26 | $ | (2.46 | ) | $ | 3.61 | |||||
| As adjusted | $ | (1.53 | ) | $ | 0.33 | $ | (2.00 | ) | $ | 3.71 | |||||
(1) Represents asset disposal costs related to a change in the eCommerce platform.
(2) Represents severance costs related to a change in the executive management team.
(3) Represents store closure costs for the three months ended January 31, 2023, which is offset by a gain on a lease modification for the same location for the year ended January 31, 2023.
(4) Represents non-recurring domestic transportation costs due to unprecedented congestion in U.S. ports.
(5) Represents benefits and costs incurred for the early retirement of our debt.
(6) Represents the tax effect of the adjusted items based on the applicable statutory tax rate.
FAQ
What were Conn's financial results for the fourth quarter of fiscal year 2023?
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