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Conn'S, Inc. Reports October And Third Quarter Fiscal 2016 SALES AND DELINQUENCY DATA

The following excerpt is from the company's SEC filing.

Conn’s, Inc. (NASDAQ:CONN),

a specialty retailer of furniture, mattresses, home appliances, consumer electronics and provider of consumer credit, today reported $99.5 million in total retail net sales for the month ended October 31, 2015, a 5.0% increase compared to the same prior year period. For the three months ended October 31, 2015, total retail net sales were $323.0 million, a 6.0% increase compared to the same prior year period.

The following table presents the Company's percentage change in same store sales for the month ended and three months ended October 31, 2015, compared to the same prior-year periods, and the 60-plus day delinquency rate as of October 31, 2015:

Month Ended

Three Months Ended

Same store sales % change (as compared to the same prior-year period):

Furniture and mattress

Home appliance

Consumer electronic

Home office

Product sales

Repair service agreement commissions

Total net sales

As of October 31, 2015

Norman Miller, Conn’s Chief Executive Officer and President, commented, "Greater than 60-day delinquency was 10.2% as of October 31, 2015, compared to 10.0% as of October 31, 2014. The delinquency rate increased 30 basis points from September 30, 2015 to October 31, 2015, consistent with the increase during the same period a year ago. The delinquency rate as of October 2015 did not have the benefit of the portfolio growth that we experienced last year."

"Same store sales for the month decreased 2.0% against a decrease of 4.4% in October last year, and were flat for the third quarter of fiscal 2016. We experienced a general softening across all markets during October 2015 and continue to be impacted by our decision to exit video game products, digital cameras, and certain tablets. Excluding the impact from these products, same store sales for the month increased 1.7% and for the quarter increased 3.8%. We also saw softening sales performance in October 2015 in our markets with greater oil industry concentration. The impact on same store sales was 60 basis points when compared to September 2015 and 30 basis points when compared to the second quarter of fiscal 2016."

"For the month of October, excluding the impact from video game products and digital cameras, same store sales for consumer electronics decreased by 2.9%. Same store sales in the television category decreased 3.5% due to lower same store unit sales, partially offset by higher average selling prices as a result of an increase in the proportion of television sales from Ultra HD televisions...


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