Conn's slips after co withdraws FY23 outlook

Conn's

18/10/2022 12:53

**Shares of U.S.-based specialty retailer Conn's Inc  CONN.O 
down 6.5% at $20.1 premarket after co withdraws FY23 outlook
    ** Cites slowing consumer spending and macroeconomic
headwinds 
    **Slimming consumer spending is affecting sales in financial
access customer segment and discretionary product categories, co
adds
    **CONN warns Q3 revenue likely down 21%-23%
    **Expects Q3 operating margin for FY23 to be in negative
mid-single digits
    **Additionally, CONN announced that President and CEO
Chandra Holt has stepped down, effective immediately
    **Former CEO Norman L. Miller  will serve as interim
president and CEO- co says
    **As of last close, CONN has fallen ~65.5% YTD
 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))