Beaumont, Texas Specialty retailer Conn's Inc. named president and COO Timothy L. Frank as the designated successor to CEO Thomas J. Frank, who is expected to retire in January.
Timothy Frank is Thomas Frank's son. Timothy Frank has been with the company in various roles since 1995.
Conn's also named Reymundo de la Fuente, Jr., as president of its credit division and David W. Trahan as president of its retail division. They had been executive VPs of their respective divisions.
Conn's also said its first-quarter earnings dropped 18% as the retailer took a charge related to securitized assets and expenses rose. Earnings for the quarter ended April 30 fell to $10.6 million from $12.9 million a year ago.
The first-quarter earnings results included a non-cash charge of $2 million to reduce the fair value of the company's interests in securitized assets. The 2007 results included a non-cash fair value increase of $100,000.
Quarterly revenue grew 6.5% to $218.6 million, from $205.3 million in the first quarter of 2007. Meanwhile, same-store sales rose 1% for the first quarter of fiscal 2009.