Furniture retailer Conn's rises on deal to expand presence

Conn's

19/12/2023 15:41

** Shares of furniture and home goods retailer Conn's Inc
 CONN.O  up 14.93% at $3.26
    ** Announced, after markets closed on Monday, a deal for
home furnishings company W.S Badcock LLC 
    ** Deal increases scale and expands Conn's presence across
the southeastern U.S. and creates one of the largest home goods
retailers with 550+ stores across 15 states 
    ** Reports Q3 retail gross margin of 33.5%, slightly up from
33.2% a year earlier, driven by better product mix and easing
freight costs
    ** Posts a 12.8% decline in total consolidated revenue,
while ecommerce sales jumped 51% to $26.3 mln 
    ** YTD, CONN down 52.10%
    
    

 (Reporting by Atharva Singh in Bengaluru)
 ((atharva.singh@thomsonreuters.com))