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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 record net earnings of $45.4 million, or $1.52 per diluted share, for Q1 FY2022, reversing a net loss of $56.2 million a year prior. Same store sales surged 19.4%, with total sales up 26.5%. Retail revenues increased 26.4% to $291.5 million, driven by strong demand for home-related products and a 95.7% rise in e-commerce sales. The company also opened six new showrooms and reduced overdue customer accounts by 49.4%. Despite a 16.6% decline in credit revenues, adjusted net income rose to $46.3 million.
Conn's, Inc. (NASDAQ: CONN) has expanded its footprint by opening a new Conn's HomePlus showroom in Ocala, Florida, increasing its total to seven locations in the state. The store, located in the Boyd Market Center, spans over 34,000 square feet and offers a range of furniture, appliances, and electronics. This move aligns with Ocala's rapid growth, recently named the fifth fastest-growing city in the U.S. Conn's continues to focus on affordable home goods and customizable payment options for its customers.
Conn's, Inc. (NASDAQ: CONN), a specialty retailer, announced a conference call scheduled for June 3, 2021, at 10:00 A.M. CT to discuss its first quarter fiscal year 2022 financial results. A press release detailing the operating results will precede the call, released before the market opens that day. Conn's operates over 150 retail locations across several states, offering products ranging from furniture and home appliances to consumer electronics and fitness equipment. The company provides flexible in-house credit options and third-party financing.
Conn's reported a strong fourth quarter for fiscal year 2021, with earnings increasing approximately 400% to $0.85 per diluted share compared to $0.17 in the previous year. Cash and third-party credit sales soared by 35%, reflecting high demand for home products. However, same store sales fell 10.1% due to stricter credit underwriting amid the pandemic. The company improved its debt position, reducing overall debt by $416.6 million and achieving the lowest net debt ratio in seven fiscal years. Overall, Conn's anticipates positive momentum into fiscal year 2022.
Conn's, Inc. (NASDAQ: CONN), a specialty retailer, will host a conference call on March 31, 2021, at 10:00 A.M. CT to discuss its fourth-quarter fiscal year 2021 financial results, with a press release to be issued prior to market opening. The company operates over 150 retail locations and offers products including furniture, home appliances, consumer electronics, home office products, and fitness equipment. Conn's also provides flexible in-house credit options, differentiating itself in the market.
Conn's HomePlus (NASDAQ: CONN) has launched the Conn's Cohort Scholarship/Internship Program for 2021, aimed at supporting students from Texas Southern University and Florida A&M University. The program will award four scholarships of $10,000 annually for four years, along with paid internships and travel expenses. This initiative represents an investment of $160,000 over the next four years, focusing on diversity and inclusion. Conn's also donated over $40,000 in furniture to enhance community spaces at both universities.
Conn's, Inc. (NASDAQ: CONN) is expanding its footprint in Florida with the opening of two new Conn's HomePlus showrooms in Orlando on February 19, 2021. With these additions, the company will operate five showrooms in the state, increasing its total locations to 151 across 15 states. The new stores will provide a diverse range of products, including furniture, appliances, and electronics, alongside flexible payment options for various credit situations. The expansion aims to enhance Conn's customer base in Florida and stimulate local economic growth.
Conn's, Inc. (NASDAQ: CONN) is expanding its presence in Florida by opening two new Conn's HomePlus showrooms in Tampa and Bradenton, slated for February 5, 2021. These new locations will add to the existing 149 showrooms across 15 states. With over 87,000 square feet combined, the stores will offer a variety of home goods and flexible payment options, enhancing shopping accessibility for customers. Additionally, a distribution center in Lakeland is set to launch this January, further solidifying Conn's commitment to the Florida market.
Conn's, Inc. (NASDAQ: CONN) has opened a new showroom in Mobile, Alabama, on January 8, expanding its presence to better serve southern Alabama customers. This 46,410 sq. ft. store is the fifth Conn's HomePlus location in Alabama, offering a variety of furniture, mattresses, appliances, and consumer electronics. Conn's aims to provide affordable shopping options and flexible payment plans through its Low Payment Finder program. A grand opening event is planned for spring 2021.
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