Why Shares of Conn's Jumped Today
Shares of Conn's (NASDAQ: CONN) rose on Tuesday after the retailer reported second-quarter results that beat expectations. Sales growth from furniture, mattresses, and appliances offset weakness elsewhere, driving total revenue higher. The stock was up about 15% at 10:45 a.m. EDT.
Conn's reported second-quarter revenue of $401.1 million, up 4.3% year over year and nearly $3 million higher than the average analyst estimate. Retail sales rose 3.3% to $306.1 million, driven entirely by new stores. Same-store sales declined by 2.3%, with stores in areas hit by Hurricane Harvey in 2017 seeing a steeper 9.3% decline. The company believes rebuilding efforts in these markets during the second quarter of 2018 made for a difficult comparison this year.
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Source Fool.com
