Stock Alert: Conn's Drops 11%

(RTTNews) - Shares of Conn's, Inc. (CONN) fell 11% on Thursday morning after the furniture and home appliances retailer reported second-quarter results. Earnings for the quarter trumped Wall Street estimates, but revenues fell short of expectations.

CONN is currently trading at $12.16, down $1.54 or 11.24%, on the Nasdaq.

Net income for the second quarter was $20.5 million or $0.70 per share, compared to $20.0 million or $0.62 per share. Adjusted earnings were $0.75 per share, up from $0.62 per share. Analysts polled by Thomson Reuters expected a loss of $0.13 per share.

Revenue dropped to $366.9 million from $401.1 million. Analysts had a consensus revenue estimate of $377.68 million.

Retail revenues dropped 8.6% to $279.9 million hurt largely by a decrease in same store sales of 13.2% reflecting the effects of COVID-19 pandemic. E-commerce sales rose 72% from a year ago, as shoppers relied on online shopping during the pandemic.