{"id":780851,"date":"2023-08-30T06:04:40","date_gmt":"2023-08-30T10:04:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/conns-inc-reports-second-quarter-fiscal-year-2024-financial-results\/"},"modified":"2023-08-30T06:04:40","modified_gmt":"2023-08-30T10:04:40","slug":"conns-inc-reports-second-quarter-fiscal-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/conns-inc-reports-second-quarter-fiscal-year-2024-financial-results\/","title":{"rendered":"Conn\u2019s, Inc. Reports Second Quarter Fiscal Year 2024 Financial Results"},"content":{"rendered":"
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THE WOODLANDS, Texas, Aug. 30, 2023 (GLOBE NEWSWIRE) — Conn\u2019s, Inc. (NASDAQ: CONN) (\u201cConn\u2019s\u201d or the \u201cCompany\u201d), a specialty retailer of home goods, including furniture and mattresses, appliances, and consumer electronics, today announced its financial results for the quarter ended July 31, 2023.\u00a0\u00a0<\/p>\n

\u201cStrategic initiatives focused on turning around our retail performance and better serving our core credit-constrained consumers are taking hold and continue to perform in line with our expectations.\u00a0\u00a0 During the second quarter, we experienced improving sales trends in our Conn\u2019s in-house and lease-to-own offerings and record quarterly eCommerce revenue.\u00a0\u00a0 In addition, the recent enhancements to our marketing strategies and credit application process drove a 30.6% increase in applications during the second quarter, which resulted in an increase in sales financed through Conn\u2019s in-house credit offering,\u201d stated Norm Miller, Interim President and Chief Executive Officer.\u00a0\u00a0<\/p>\n

\u201cRetail gross margin grew 230 basis points over the prior year period to the highest level in seven quarters, as we benefit from pricing and assortment changes we have made since the end of last year. In addition, credit quality remains stable and in line with our expectations. As we navigate a fluid economic environment, we continue to leverage our powerful value proposition to serve our core credit-constrained consumers and drive sales, while remaining focused on improving profitability and controlling credit risk,\u201d concluded Mr. Miller.<\/p>\n

“Under Norm’s leadership, the Company has quickly moved to stabilize performance throughout a challenging macro-economic environment. Conn’s return to a strategy focused on serving the core credit-constrained customer is turning around retail performance and repositioning the business for growth. The Board is confident in the direction Conn\u2019s is headed and believes the Company is well positioned to create lasting value for shareholders,\u201d added Bob Martin, lead independent director.<\/p>\n

\n Second Quarter Financial Highlights as Compared to the Prior Fiscal Year Period (Unless Otherwise Noted):<\/strong>\n <\/p>\n