Conn's Q4 Adj. Profit Rises; Same Store Sales Down 10.1%

(RTTNews) - Conn's, Inc. (CONN) reported that, on a non-GAAP basis, fourth quarter adjusted net income per share was $0.91 compared to $0.20, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.23, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net income was $25.1 million, or $0.85 per share, compared to $5.1 million, or $0.17 per share, last year.

Fourth quarter total revenues declined to $367.79 million from $412.99 million, previous year. Same store sales declined 10.1%, primarily due to a nearly 29% decline in sales. Analysts expected revenue of $328.69 million, for the quarter.

"Fiscal year 2022 is off to a strong start. Same store sales are up over 3.0% quarter-to-date, despite the impacts of the historic winter storm across many of our markets, one fewer selling day as a result of leap year and continued supply chain challenges," said Norm Miller, Conn's CEO.

As of January 31, 2021, the company had $336.0 million of immediately available borrowing capacity under $650.0 million revolving credit facility.