Beaumont, Texas

Beaumont, Texas -- Conn's Inc. said Monday its first-quarter net income more than doubled, and the retailer raised its outlook for the year. The retailer earned $11.6 million for the three months ended April 30, compared with $4.4 million in the same period last year, which included some one-time costs for severance payments. Revenue increased 5% to $200.9 million from $192 million, as same-sales surged 17.8%. “Our current quarter results demonstrate the value we deliver to our customers with a broad range of high-quality products and a better shopping experience,” stated Theodore M. Wright, chairman and CEO. “We have

Conn’s Inc. reported Tuesday that it earned $7.7 million in the quarter ended Jan. 31, compared with a loss of $3.6 million in the year-ago period. Revenue increased 3.7 percent to $226.7 million, beating Wall Street’s expected $221.4 million. Same-store sales surged 12.1 percent. The company said it's on track with its store opening plans, which calls for five stores to seven stores in new markets this year.

Beaumont, Texas -- Conn’s announced that it completed a $20 million expansion, to $450 million, of its revolving credit facility, which expires in July 2015. The company received a commitment from one new lender and received an increased commitment from one of the existing participants in the bank group. “We appreciate the additional support coming from our financial partners,” commented Theodore Wright, chairman, Conn’s. “This expansion of our revolving credit facility provides additional support for our long-term growth plans.”

Beaumont, Texas -- Electronics and appliances retailer Conns announced Monday that its president and CEO Timothy L. Frank has resigned the company. Conns named Theodore M. Wright as the interim CEO and president, and has launched a search for a permanent replacement. Frank has led the company as president and CEO since June 2009; he has been president since April 2006, and previously served as COO and senior VP retail. Frank left to pursue other opportunities, the company said. Conn’s operates 76 retail locations in Texas, Louisiana and Oklahoma.

More Blogs