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Conn’s Fiscal Q1 Adjusted EPS Beats, Revenue Misses Forecasts; Initiates $75 Mln Stock Repurchase Program

Conn’s (CONN), a retailer selling furniture, appliances and other home products, reported pre-market Friday fiscal Q1 adjusted earnings of $0.58 per share compared with $0.40 per share in the same period last year. Analysts surveyed by Capital IQ were anticipating adjusted EPS of $0.53.

Revenue for the period ending April 30 came in at $353.5 million, down from $358.4 million in the prior-year quarter and below the CapIQ consensus estimate of $366.7 million. Same-store sales decreased by 8.2%.

Conn’s said it expects a change in same-store sales between negative 4% and 0% in the second quarter. It is also planning to open 14 to 15 new stores in fiscal 2020.

The board authorized the company to repurchase up to $75 million of its outstanding common stock. The buyback program will start on Friday and will remain effective for one year.

The company also appointed Lee Wright as chief operating officer and George Bchara as chief financial officer.

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