Conn’s Q2 net income skyrockets; plans 10-12 new stores
The Woodlands, Texas – Conn’s, Inc. reported net income of $19.2 million, up $7.6 million, or 65.1%, from the prior-year period during the second quarter of fiscal 2013.
Consolidated revenues totaled $270.7 million, an increase of 30.5% from last year.
Same-store sales grew 18.4%. Sales increased significantly in product categories including home appliance, laundry, refrigeration, cooking, furniture, mattresses, TVs, tablets and computers.
“August net sales increased 51% over the prior-year period,” said Theodore M. Wright, chairman and CEO of Conn’s. “Same store sales in August rose 31%. Phoenix market store openings have been successful with three stores now open. We plan to open four more Phoenix area locations over the next several quarters.”
Looking ahead, Conn’s expects to open 10-12 new stores for the full fiscal year and to increase same-store sales by 15%-20%.
Safeway reaches $600K settlement with EPA
Pleasanton, Calif. — Safeway, Inc. has reached a $600,000 settlement with the Environmental Protection Agency (EPA) and Department of Justice (DOJ) in regard to violations of the Clean Air Act. The government alleges that Safeway neglected to repair leaks of heat-trapping gas HCFC-22 from its refrigerators in a timely manner or keep proper records of refrigerator maintenance.
Under terms of the settlement, Safeway does not have to admit any liability. However, in addition to the fine, the retailer will spend an estimated $4.1 million to upgrade equipment in order to reduce its average refrigeration leak rate from 25% to 18% or less by 2015.
Walgreen August comps beat Street
Deerfield, Ill. — Walgreens reported that same-store sales for the month of August rose 4.8%, beating Wall Street expectations of a 2.9% gain.
Results included a 6.4% gain from the pharmacy and a 2.2% rise from the front-end.
Total revenue for August rose 6% to $6.17 billion.