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Conn's Inc. (NASDAQ: CONN) is a prominent U.S.-based specialty retailer with a rich history spanning over 125 years. Headquartered in The Woodlands, Texas, Conn's operates more than 175 retail locations across 15 states, including Arizona, Colorado, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. The company employs over 4,000 people and generates more than $1 billion in annual revenue.
Conn's offers a broad range of consumer goods and related services through its retail sales outlets and distribution facilities. Their product lineup includes furniture and mattresses, home appliances, consumer electronics, and home office equipment. In addition to its retail operations, Conn's provides a variety of services such as repair service agreements, credit insurance, home delivery, product repair services, and consumer credit options, catering especially to credit-constrained customers, thereby addressing an underserved segment of the population.
The company operates through two distinct segments: Retail and Credit. The Retail segment focuses on selling durable consumer goods, while the Credit segment offers financing solutions to customers who may not qualify for traditional credit. This unique business model allows Conn's to provide flexible payment options and fast delivery and installation services, enhancing the overall customer experience.
Conn's continues to evolve and innovate, ensuring customer satisfaction remains at the forefront of its operations. The company's latest initiatives include a new marketing campaign titled 'Finance Is Not a Bad Word,' which aims to destigmatize financing and empower customers with more payment options. This campaign underscores Conn's commitment to helping customers create homes they love with competitively priced, brand-name products available through personalized payment plans.
In December 2023, Conn's made a significant advancement by acquiring W.S. Badcock LLC, a leading home furnishings company in the southeastern U.S. This all-stock transaction was unanimously approved by Conn’s Board of Directors and is set to transform Conn's into a top-20 furniture and mattress retailer in the U.S. The combined entity is expected to generate approximately $1.85 billion in annual revenue across 240+ corporate-owned stores and 310+ dealer locations.
Norman L. Miller, who has previously served as Conn’s President and CEO, has been reappointed to lead the combined company. The acquisition of Badcock not only expands Conn's geographical footprint but also enhances its eCommerce capabilities and payment offerings, promising significant long-term value for shareholders.
With a focus on customer-centric values, Conn's employs a strategic approach to growth, leveraging its extensive product assortment, experienced staff, and robust credit solutions to drive business success.
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.
Conn's, Inc. (NASDAQ: CONN), a home goods retailer, will host a conference call on March 29, 2023, at 10:00 A.M. CT to discuss its fourth quarter fiscal year 2023 financial results. A press release detailing the operating results will be issued the same day before market opening. Interested participants can join the call by dialing 877-451-6152 or 201-389-0879, with a simultaneous webcast also available. Conn's operates over 165 stores in 15 states and offers a variety of home goods, aiming to enhance home life. Further information can be found on the company's investor relations website.
Conn's HomePlus (NASDAQ: CONN) has opened a new 23,000 square foot location in Fayetteville, Georgia, on January 27, 2023. This expansion is part of the company's growth strategy, bringing its store count to 168 across 15 states. The store will provide next-day white glove delivery and flexible payment options for a range of national brand products, including appliances, furniture, and electronics. The opening creates over a dozen new jobs in the Fayetteville area and aims to enhance customer access to quality home goods. Conn's continues to focus on elevating home life through its diverse product offerings.
Conn's HomePlus continues to expand its footprint in Florida with the opening of a new 30,000 square foot location in Jacksonville as of January 13, 2023. This marks the retailer's 15th location in the state and contributes to a total of over 167 stores nationwide. Conn's offers a wide selection of home goods, including appliances and furniture from national brands like LG and Samsung, complemented by next-day white glove delivery and flexible financing options. The new store also creates over a dozen jobs in the Jacksonville community, enhancing local employment opportunities.
Conn's, Inc. (NASDAQ: CONN) reported a 20.8% decline in consolidated revenue to $321.2 million for the quarter ended October 31, 2022, largely due to a 27.0% decrease in same store sales. The company experienced a net loss of $24.8 million or $1.04 per diluted share, compared to a net income of $18.2 million or $0.60 per diluted share during the same period last year. Conn's aims to refocus on core customers amid economic challenges and plans to control costs while pursuing strategic growth initiatives.
Conn's, Inc. (NASDAQ: CONN) will host a conference call on December 6, 2022, at 10:00 A.M. CT to discuss its Q3 FY 2023 financial results. The earnings release will be issued before market opens that day, providing investors with key operating metrics. Conn's operates over 160 stores across 15 states and offers flexible payment options through its in-house credit program. Interested participants can join the call by dialing 877-451-6152 or 201-389-0879, with a simultaneous webcast available on their investor relations site.
Conn's, Inc. (NASDAQ: CONN) announces the immediate resignation of President and CEO Chandra Holt, who led the company since August 2021. Norman L. Miller, the former CEO from 2015 to 2021, has been appointed as Interim CEO. Miller's past tenure saw significant growth, including a 40% increase in book value and improvements in operating margins. However, Conn's anticipates a 21% to 23% revenue decline in Q3 fiscal year 2023 and has withdrawn previous financial guidance due to macroeconomic challenges affecting consumer spending. Full Q3 results will be announced in December.
Conn's HomePlus (NASDAQ: CONN) launched a new layaway program to enhance product accessibility amidst economic challenges. This initiative allows customers to make biweekly payments over 12 weeks for various items, such as furniture and appliances, without requiring credit history. The program coincides with a trend of early holiday shopping due to inflation concerns, as 40% of consumers plan to shop sooner. Conn's aims to cater to diverse payment needs, complementing existing options like lease-to-own and in-house financing.
Conn’s, Inc. (NASDAQ: CONN) reported financial results for Q2 ended July 31, 2022, highlighting a 17.1% revenue decline to $346.6 million, with same store sales dropping 22.0%. The company faced challenges due to macroeconomic pressures and reduced consumer spending. Net earnings were $2.1 million or $0.09 per diluted share, a significant decrease from $37 million or $1.22 per share in the prior year. Despite these hurdles, Conn's maintained over $211 million in liquidity and completed an ABS transaction worth approximately $407.7 million.
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