Conn's Inc. Q3 Profit Surges, Raises FY14 EPS View - Quick Facts

(RTTNews) - Specialty retailer Conn's Inc. (CONN), Thursday reported an increase in its third-quarter net income, reflecting significant sales growth in most of its product categories. On an adjusted basis, earnings per share exceeded the consensus estimates. The company increased its fiscal 2014 earnings per share outlook, and projected guidance for 2015.

For the three-month period, net income was $24.3 million or $0.66 per share,compared with $11.7 million or $0.35 per share last year. This year results include pre-tax charges of $2.8 million associated with facility closures and lease terminations.

On an adjusted basis, earnings for the quarter were $26.2 million or $0.71 per share. On average, eight analysts polled by Thomson Reuters expected the company to report earnings per share of $0.64 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated revenues surged 50.6 percent to $310.9 million from prior year's $206.4 million. Analysts expect the company to generate revenues of $289 million for the quarter. For the tri-monthly period, same store sales increased 35 percent from last year. Retail sales in November expanded 49 percent, while same store sales rose 32 percent.

For fiscal year ending January 31, 2014, the company raised earnings per share expectations to between $2.75 and $2.80 from prior expected $2.50 and $2.65. Same stores sales are expected to increase 22 to 25 percent for the fiscal year. Analysts expect the company to report earnings of $2.60 per share.

For fiscal 2015, the company issued earnings guidance between $3.80 and $4.00 per share, and expects same stores sales increase of 7 percent to 12 percent. The Street expects earnings of $3.57 for the year 2015.