Conn's falls as Q2 sales, profit plunge

Conn's

30/08/2022 12:24

** Shares of home goods retailer Conn's Inc  CONN.O  down
more than 11% at $10.01 premarket
    ** CONN's Q2 revenue falls 17.1% to $346.6 mln, while
same-store sales slump 22%, as demand for discretionary goods
such as home appliances and furniture slowed amid inflation
    ** "While we entered (Q2) with a cautious outlook for the
remainder of the fiscal year, the retail environment has
continued to deteriorate," CEO Chandra Holt says 
    ** CONN's profit plunges to $2.1 mln, or 9 cents/share, from
$37.0 mln, or $1.22 cents/share reported a year earlier
    ** Co says conducting an extensive review of its cost
structure, adding it is delaying or eliminating several planned
capital investments, including new store openings
    ** Expects to cut capital expenditure for fiscal 2023 by
~$20 mln
    ** As of last close, stock had fallen ~52% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))