A furniture and home furnishings retailer, Conn’s Inc. (NASDAQ: CONN), reported growth in sales in the first quarter. The company’s performance surpassed analysts’ predictions on June 3, and shares soared more than 27 %.
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The shares of Conn’s Inc. (NASDAQ: CONN) closed Friday’s session at $29.00, down -5.14%. Stock volume remained at 0.98 million shares, double the average daily volume of 0.49 million shares during the past 50 days. Over the past 12 months, CONN shares have increased by 238,39%, and they have moved up by 21.09% over the past week. Stock prices have risen by 103.37% during the past three months and 143.08% during the past six months. Additionally, the company has a market capitalization of $897.55 million and 29.20 million outstanding shares.
As a result, Conn’s LFL sales increased by 19 % YoY, pushing revenue up by 15 % to $363 million for the quarter. The President of the United States and the US Centers for Disease Control and Prevention offer new social distancing and mask wear guidelines. Thus, customers were more likely to visit stationery stores and spend money. Net income for Conn in the first quarter totalled $ 45.4 million, translating into $0.155 per share. The retailer suffered a loss of $ 54.6 million a year earlier, or $ 1.89 per share when the most stringent quarantine restrictions were in effect.
In the past quarters, Conn’s Inc has realized excellent profits since consumer demand changed during the COVID-19 pandemic favoring household goods. Since this situation is not likely to repeat itself in the near future, future comparisons of financial indicators may not be as impressive.
Currently, Conn’s Inc. (NASDAQ: CONN) operates over 100 retail stores across the United States in Arizona, Colorado, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. The stores offer furniture and mattresses, household appliances, electronics, and office equipment, and customers can also get home insurance, loan, and conclusion of repair contracts there.