Conn’s Falls Short Of Wall Street’s Expectations

THE WOODLANDS (September 5, 2013)—Texas-based Conn's Inc. said Thursday that second-quarter income jumped 65 percent but the results fell short of Wall Street expectations because of the poor performance of its credit card segment.

The company based in The Woodlands, which sells consumer electronics, appliances, furniture and mattresses, announced net income for the three months ended July 31 rose to $19.2 million, or 52 cents per share, which compares with net income of $11.6 million, or 35 cents per share, last year.

Analysts, on average, expected 60 cents per share.

Revenue rose 30 percent to $270.7 million from $207.46 in the 2012 second quarter.

Conn's credit card operating income fell 59 percent to $7.5 million from $3.1 million, hurt by a rise in the number of late payments in June and July.

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