Conn's Turns To Profit In Q1, Tops Estimates On Strong Comps

(RTTNews) - Specialty retailer Conn's, Inc. (CONN) reported Thursday that its first-quarter net income was $45.40 million, compared to loss of $56.20 million a year ago.

Earnings per share were $1.52, compared to loss of $1.95 per share a year ago. The increase in net income was primarily due to an increase in retail revenue and a decrease in the provision for bad debts.

Adjusted net income was $46.3 million or $1.55 per share, compared to adjusted net loss of $54.6 million, or $1.89 per share last year.

Total revenues were $363.70 million, higher than last year's $317.16 million.

On average, three analysts polled by Thomson Reuters expected earnings of $0.30 per share on revenues of $293.77 million. Analysts' estimates typically exclude special items.

Same store sales increased 19.4 percent for the first quarter compared to last year, and increased 1.8 percent on a two-year basis.

E-commerce sales increased 95.7 percent as compared to the prior fiscal year period.

In pre-market activity on Nasdaq, Conn's shares were gaining around 8.3 percent to trade at $26.