Conn slumps on Q1 loss, lower rev

Conn's

01/06/2023 13:50

** Shares of furniture and home goods retailer Conn's Inc
 CONN.O  down 13.60% at $3.51 in premarket trade
    ** Stock on track to have worst day since March 13, if
losses hold 
    ** Co reports a 16.3% fall in total consolidated revenue to
$284.6 mln in Q1; 18.3% decline in total retail sales and 20.1%
fall in same store sales 
    ** Posts adj. loss of $1.52/shr vs profit of $0.25/shr
reported a year ago 
    ** Says it plans to open 11 standalone locations in fiscal
2024 
    ** "Expect a challenging economic landscape to continue
throughout the year' - Norm Miller, interim president and chief
executive officer
    ** As of last close, stock was down 40.99% YTD 

 (Reporting By Akshita Toshniwal in Bengaluru)
 ((Akshita.Toshniwal@thomsonreuters.com))