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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) will host a conference call on August 30, 2022, at 10:00 A.M. CT to discuss its second quarter fiscal year 2023 financial results. A press release detailing the operating results will be shared on the same day before market opening. Participants can join via phone or listen to the live webcast. Conn's is a specialty retailer of home goods, operating over 160 stores across 15 states and online, with a mission to enhance home life through quality products and flexible financing options.
Conn's HomePlus has opened a new store in Texarkana, Texas, expanding its presence to over 160 locations across 15 states. This 30,000 square-foot store is located at Town West Shopping Center and offers a wide selection of furniture, appliances, and consumer electronics. Customers can benefit from next-day white glove delivery for all in-stock items and flexible payment options, including in-house financing. The new location also creates over a dozen jobs in the local community, enhancing Conn's commitment to serving Texas customers.
Conn's, Inc. (NASDAQ: CONN) has launched its first 'Conn's x Belk' store-within-a-store pilot in five Belk locations, enhancing customer access to a variety of home products. This strategic partnership emphasizes Conn's industry-leading white-glove, next-day delivery service. The stores feature a selection from Conn's major categories, including furniture and electronics, with plans for additional locations and an e-commerce experience on Belk.com. Grand opening celebrations for these stores are scheduled for August 13, 2022.
Conn's HomePlus expands in Florida by opening a new 40,000 square foot store in Pinellas Park on July 29, 2022. This is the retailer's 14th location in the state, bringing the total to over 160 stores across 15 states. The store will offer next-day white glove delivery for in-stock items and various personalized payment options to enhance customer experience. The opening is expected to create more than a dozen jobs in the local area, contributing to the community's economy.
Conn's HomePlus (NASDAQ: CONN) is enhancing its presence in New Mexico with a new 40,000 square foot retail store at Santa Fe Place Mall, opening on June 25, 2022. The retailer, known for its next-day delivery and flexible payment options, aims to provide local customers a wide range of home goods. This location is Conn's fifth in New Mexico, offering promotions such as next-day delivery on major appliance purchases over $999. The expansion reflects Conn's commitment to home goods accessibility and customer satisfaction.
Conn's, Inc. reported a 6.6% decline in total revenue, totaling $339.8 million for the quarter ending April 30, 2022. Retail sales fell 6.5%, with same-store sales down 9.5%. The company’s net earnings significantly decreased to $0.25 per diluted share from $1.52 a year prior. Despite challenges from external factors, eCommerce sales surged 71.7% to a record $18.3 million. Conn's remains focused on long-term growth initiatives and plans to open 20 to 34 new stores in FY 2023.
Conn's and Belk announced a strategic partnership to pilot a store-within-a-store concept in 10 to 20 Belk locations and online at Belk.com, enhancing customer access to Conn's home products. The new format will offer a variety of Conn's categories, including furniture and appliances, alongside next-day delivery and in-house repair services. This collaboration aims to leverage geographic synergies, enabling Belk to expand its product offerings while Conn's aims to reach new customers through Belk's established presence.
Conn's, Inc. (NASDAQ: CONN), a specialty retailer of home goods, has announced a conference call scheduled for June 1, 2022, at 10:00 A.M. CT to discuss its first quarter fiscal year 2023 financial results. The press release detailing the operating results will be available before the market opens on the same day. Conn's operates over 160 stores across 15 states and offers a range of products with personalized payment options, including an in-house credit program.
Conn's HomePlus is expanding its footprint in Florida with a new 40,000 square foot retail location in Kissimmee, set to open on May 21, 2022. This follows recent store openings in Altamonte Springs and Daytona Beach. Customers can expect a variety of home products, next-day delivery on 80% of in-stock items, and exclusive promotions running through July. Conn's aims to provide flexible payment options to meet different customer needs, highlighting its mission to enhance home life.
Conn’s reported a 22.7% increase in annual retail sales, totaling $1.3 billion, and a 171.3% rise in eCommerce sales, reaching a record $71.3 million for fiscal year 2022. The company achieved a record GAAP earnings of $3.61 per diluted share and maintained a credit spread of 1,170 basis points, contributing to strong profitability in the credit segment. Conn’s repurchased 20% of its outstanding shares. However, net income for Q4 FY2022 was $7.6 million, a decline from $25.1 million in the previous year’s quarter.
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