Conn's Inc. Q2 Profit Down; Cuts Full-Year Earnings Forecast - Quick Facts

(RTTNews) - Conn's Inc. (CONN), a specialty retailer of home appliances, Tuesday reported a decline in its earnings for the second quarter, reflecting higher interest expenses. In addition, the firm slashed its annual earnings guidance.

Conn's net income was down to $17.7 million or $0.48 per share from $19.2 million or $0.52 per share for the prior-year quarter. On an adjusted basis, the company earned $0.50 per share. On average 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues, however, rose to $353 million from $270.7 million, with same store sales increasing 11.7 percent. Wall street expected revenue of $353.65 million for the quarter.

The company incurred interest expenses of $6.2 million compared with $3.1 million a year ago.

Looking ahead, for fiscal 2015, Conn's now expects adjusted earnings per share in the range of $2.80 -$3.00, down from the prior guidance of $3.40 - $3.70. Analysts project earnings per share of $3.54.