REAL ESTATE

Conn’s brings HomePlus store format to Tennessee

BY Staff Writer

The Woodlands, Texas — Conn’s, a specialty retailer of home appliances, furniture, mattresses, consumer electronics, announced the opening of its first two Conn’s HomePlus stores in Tennessee.

The HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances. The stores are at Cross Creek, in Memphis, and at Town & Country Commons, in Knoxville.

Conn’s has opened four new stores, updated four locations and closed three existing stores since Jan. 31. Currently, 58 of the company’s 80 stores are operating in the Conn’s HomePlus format.

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FINANCE

AutoZone Q3 profit up 7.4%

BY Marianne Wilson

Memphis — AuzoZone’s earnings rose a better-than-expected 7.4% to $285.2 million for the third quarter, up from $265.6 million in the year ago period, helped by demand for new parts.

Revenue rose 6.2% to $2.34 billion. Domestic same store sales rose 4% in the quarter.

During the quarter, AutoZone opened 30 new stores in the United States and seven new locations in Mexico. As of May 10, the company had a total of 5,279 stores, including 4,901 domestically and 374 in Mexico.

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FINANCE

Wet Seal swings to a loss in Q1

BY Marianne Wilson

Foothills Ranch, Calif. — Fashion retailer Wet Seal Inc. swung to a loss in its first quarter amid declining sales. The company reported a loss of $21.8 million, compared with a year-earlier profit of $3.1 million.

Sales fell 17% to $116.7 million. Total same-store sales, including e-commerce, fell 16.9%.

Wet Seal said it was challenged by weak mall traffic, higher promotional activity and disruptive weather as challenges for the quarter.

Wet Seal announced last month that it would shut down its Arden B brand to focus on its namesake brand.

The company on Tuesday said it expects to complete the planned conversion of 54 Arden B locations to Wet Seal and Wet Seal Plus merchandise by the end of the second quarter.

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