Conn's 'disappointing' sales drop feeds quarterly loss
The exterior of Conn's 657,000-square-foot multi-division distribution center on Thursday, September 12, 2019, in Houston.Norm Miller stepped back into the top role at Conn's after a year away just as it was time to clean up after the pandemic-era party that sent sales and profits climbing.
"Our retail sales performance was disappointing," Miller, the company's interim CEO, said on an earnings call. Other customers may be pulling back on discretionary purchases of big-ticket items such as appliances or furniture because of inflation and fear of a recession, he said. Home appliances, which accounted for 40 percent of total sales in the third quarter, saw a year-over-year decline of more than 19 percent, while consumer electronics and furniture and mattresses each saw sales drop by more than 25 percent.
Conn's added two standalone stores and 15 store-within-a-store locations in Belk department stores in the third quarter. Conn's operates 165 stores, including 20 in and around the Houston area, and 19 locations inside Belk, according to its website.
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