FINANCE

Conn’s doubles Q3 net income

BY Dan Berthiaume

The Woodlands, Texas – Conn’s more than doubled its consolidated net income in the third quarter of fiscal 2014 compared to the same period in the prior year, growing to about $24.4 million from $11.8 million. Total net sales increased a healthy 51%, to $310.9 million from $206.4 million.

Significant sales growth was reported across all major product categories. On a sequential quarter basis, third quarter retail sales reflect the benefit of two stores opened in July 2013 and two additional stores opened during the quarter. The impact of new store openings was partially offset by the closure of two underperforming locations during the current quarter. With new store openings and the remodeling and relocation of existing stores, 40 stores were operating in the Conn’s HomePlus format at October 31, 2013.

For the full fiscal year 2014, Conn’s expects same-store sales to rise 7%-12% and 15-20 new store openings. For the full fiscal year 2015, the retailer anticipates same-store sales to grow 7%-12% and 15-20 new store openings. Currently, Conn’s operates more than 70 stores.

“We achieved the highest quarterly revenue and net income in Conn’s history,” said Theodore M. Wright, the company’s chairman and CEO. “This sales trend continued into November with retail sales expanding 49%. November same store sales rose 32%.”

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OPERATIONS

Kohl’s to keep stores open 24 hours from Dec. 20-24

BY Dan Berthiaume

Menomonee Falls, Wis. – Kohl’s will keep its doors open for more than 100 hours straight, beginning at 6 a.m. on Friday, Dec. 20 through 6 p.m. on Christmas Eve, Tuesday, Dec. 24. Kohl’s is also offering free gift boxes and a “no questions asked” returns policy that offers full refunds and exchanges for purchases made with a receipt or on a Kohl’s charge card.

“The holiday season is an eventful time for families, and Kohl’s is making it easy for shoppers to wrap up their last- minute gift giving with 24-hour access to Kohl’s stores right up to Christmas Eve,” said Michelle Gass, Kohl’s chief customer officer. “Not only does Kohl’s have the hottest gifts at incredible prices, now shoppers will have the added benefit of being able to check off their lists, day or night, whenever it is most convenient for them.”

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News

Lux Beauty Boutique launches SelfPay app

BY CSA STAFF

Lux Beauty Boutique is rolling out in-store mobile app SelfPay, which lets shoppers handle payment and look up product information on their own devices, enabling shopper-controlled in-store checkout from anywhere within a brick-and-mortar store. Lux Beauty Boutique will host a SelfPay launch party at its store on Dec. 6.

SelfPay is a multi-retailer solution that enables shoppers at participating retailers to scan products in the store, view pricing and information, and pay for their purchase from their own device. Retailers can use the patent-pending purchase verification method to ensure that all items leaving the store have been paid.

“Nothing stresses me out more than seeing frustrated faces in a slow-moving line,” said Jennifer Grimm, Lux Beauty Boutique owner. “We are thrilled to launch SelfPay in time for the holiday rush and offer clients the ability to skip the line during the hectic shopping season.”

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