Shares of Conn's Move 10% Higher After Sales Uptick
Shares of Conn's, Inc. (NASDAQ: CONN), a specialty retailer of furniture and mattresses, home appliances, home office products, and electronics, are moving 10% higher as of 10:40 a.m. EDT on Tuesday after the company released guidance that suggested sales were recovering from Hurricane Harvey.
After Harvey caused such massive damage, management speaking of a sales rebound is clearly good news for investors as same-store sales during August and September were affected by nearly 100 lost selling days, in combination with reduced traffic. But by mid-September, the sales trends turned positive due to rebuilding activities in southeast Texas. October's month-to-date same-store sales in markets impacted by Harvey were up over 15%. Also, management noted that due to the requirement that all in-house credit customers have property insurance helped insulate the company's exposure to credit losses from Harvey -- and so far the stock price has proven resilient to Harvey news.
Image source: Getty Images.
Source: Fool.com
