Conn's 4th-quarter sales figure falls 31.7 percent
Conn's Inc., a regional consumer electronics retailer, said Tuesday a key sales comparison fell 31.7 percent in the 4th quarter, hurt by the weak economy, lower demand and also tough comparisons from a year ago related to weather.
Total revenue for the quarter ended Jan.31 fell 30 percent to $171 million.
Results were hurt by the weak economy and tough comparisons from a year ago, which had unusual sales as people prepared for hurricanes and also the closing of Circuit City stores.
Tighter standards for store credit cards also hurt results.
Sales of consumer electronics fell 39 percent to $67.6 million, hurt by lower demand or flat-panel televisions and lower average selling prices.
Home appliance sales fell 22 percent to $41 million.
Fiscal year sales fell 10 percent to $722.8 million.
Company hares fell 12 percent to $4.71 Tuesday.