Conn's Posts Adj. Loss In Q4; Same Store Sales Down 21.8%

(RTTNews) - Conn's, Inc. (CONN) posted a net loss for the fourth quarter of $42.8 million, or $1.79 per share, compared to net income of $7.6 million, or $0.26 per share, prior year. On a non-GAAP basis, adjusted net loss for the fourth quarter was $36.7 million, or $1.53 per share compared to adjusted net income of $9.6 million, or $0.33 per share, last year.

Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.87, for the quarter. Analysts' estimates typically exclude special items.

Total consolidated revenue declined 16.8% to $334.9 million, due to an 18.7% decline in total net sales, and a 7.7% reduction in finance charges and other revenues. Same store sales decreased 21.8%, for the quarter. Analysts on average had estimated $331.22 million in revenue.

During fiscal 2024, the company plans to open 11 new standalone locations.

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