Conn’s Q2 profit up, raises forecast
Beaumont, Texas — Conn’s Inc. posted a better-than-expected a second-quarter profit of $11.6 million, compared with a loss of $3.1 million in the year-ago period. The company also raised its full-year profit forecast for the third time.
Conn’s said revenue rose 10.9% to $207.4 million. Same-store sales rose 21.5% for the quarter, fueled by a 57.5% rise in same-store sales of furniture and mattresses.
“Improvements in our retail operating performance continued into August, when we experienced growth in same store sales of 12% on top of a 6% increase last year,” stated Theodore M. Wright, chairman and CEO. “
GE Capitol is co-collateral agent on $1.65 billion credit facility for Supervalu
Norwalk, Conn. — GE Capital, Corporate Retail Finance announced it is co-collateral agent on a $1.65 billion asset-based credit facility for Supervalu Inc.
The loan will be used for working capital needs and to refinance existing debt. GE Capital Markets served as joint lead arranger and joint bookrunner.
“This financing will provide Supervalu with more financial flexibility as we execute our business turnaround.” said Sherry Smith, executive VP and CFO of Supervalu.
Rite Aid comps increase 0.4% in August
CAMP HILL, Pa. — Rite Aid posted a 0.4% increase in same-store sales for the month of August, the retail pharmacy operator said Wednesday.
The increase included a 2.4% increase in front-end comps and a 0.6% decrease in pharmacy comps. Total store sales for the five-week period that ended Saturday were roughly $2.41 billion, a 0.4% decrease from last year’s $2.414 billion. Same-store prescription count increased by 4.5%.
For the 13 weeks that ended Saturday, comps were flat, compared with the same period last year, including a 1.4% increase in front-end comps and a 0.7% decrease in pharmacy comps. Total store sales decreased 0.7%, to $6.21 billion, compared with $6.25 billion last year. Same-store prescription count increased by 4%.
For the 26-week period ended Saturday, comps increased by 1.2%, including a 2% increase in front-end comps and a 0.8% increase in pharmacy comps. Total store sales increased by 0.5%, to $12.646 billion, compared with $12.581 billion last year. Same-store prescription count increased by 3.5%.