Conn’s has convincing Q4; plans 15-20 stores

The Woodlands, Texas – Conn’s Inc. reported net income of $27.73 million in the fourth quarter of fiscal 2014, up 57% from $17.66 million in the same quarter the prior fiscal year. The retailer intends to open 15 to 20 new stores during fiscal 2015.

Net sales grew 45% to $301.63 million from $250.34 million, and same-store sales increase 33.4%. Conn’s said significant sales growth was reported across all major product categories during the quarter, and the company opened six new stores in that time.

During the full fiscal year, net income soared 78% to %93.45 million and total net sales increased 39% to $991.84 million from $714.26 million, while same-store sales grew 26.5%. Significant gross margin expansion positively affected Conn’s net income results.

“Our business model demonstrated its strength and resilience despite the challenges from portfolio growth and weather in our credit operation in the fourth quarter,” said Theodore M. Wright, chairman and CEO of Conn’s.

During fiscal 2015, same-store sales are expected to grow 5%-10%.

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