Categories Earnings, Other Industries

Conn’s Inc. (NASDAQ: CONN): Q3 2020 Earnings Snapshot

— Conn’s Inc. (NASDAQ: CONN) reported adjusted earnings of $0.61 per share for the third quarter of 2020, up 3.4% year-over-year, vs. $0.54 per share expected.

— Net income increased to $15.1 million or $0.51 per share from $14.6 million or $0.45 per share last year

— Total revenues rose to $377.7 million from $373.8 million in the third quarter of 2019, vs. $394.29 million expected

— Recorded quarterly credit spread of 1,070 basis points in the third quarter, the highest in six years

— Repurchased 1,261,819 shares of common stock for an aggregate amount of $24.7 million

— Opened six new Conn’s HomePlus showrooms during the quarter, bringing the total showroom count to 137 in 14 states

— Expects total sales to decline between 9% and 5% in the fourth quarter; expects same store sales to be down 16%-12%

— Expects fourth-quarter retail gross margin to be between 39.25% and 39.75% of total net retail sales

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Also Read:  How at-home meals and quick-scratch cooking drove Campbell Soup (CPB) to a strong finish in FY2020

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