Conn’s Inc. reported Tuesday that its profit shrank significantly in the second quarter, while revenue and earnings missed analysts’ expectations.
The retailer of furniture and mattresses, home appliances, consumer electronics and home-office products posted net income of $2.1 million, or nine cents a share, for the three months ended July 31, compared with $37 million, or $1.22 a share, a year earlier.
Stripping out one-time items, adjusted earnings were four cents a share. Analysts surveyed by FactSet had expected nine cents a share.
Revenue fell 17.1% to $346.6 million, missing analysts’ expectations of $370 million, according to FactSet. Same-store sales, which strip out the effects of store openings and closings, declined 22%, while e-commerce sales rose 11.5%, the company said.
Chief Executive Chandra Holt said challenging macroeconomic conditions put pressure on consumer spending during the quarter that disproportionately affected year-over-year sales comparisons for its financial access customer segment and discretionary product categories.