- Family Dollar profit up nearly 10%, 300 stores on tap for 2011
- Dollar General Q2 profit edges up, to expand into three states, and launch e-commerce
- Study: Dollar store boom good for retail landlords
- Dollar General to open 625 stores in 2012; will enter California with 50 locations
- 99 Cents Only Stores Q1 profit up, to open 16 new stores
Beaumont, Texas -- Conn's said Thursday that it lost $3.4 million in its fiscal fourth quarter, reflecting charges tied to planned store closings and other items.
Conn's, which sells consumer electronics, home appliances, furniture, mattresses and lawn and garden products, operates 76 stores in Texas, Louisiana and Oklahoma. It plans to close five underperforming stores and let the leases expire for two additional locations.
The retailer reported a net loss of $3.4 million for the three months ended Jan. 31, compared with net income of $1.7 million in the prior-year period.
Excluding a $2.3 million charge related to planned store closings and other items, adjusted earnings were breakeven.
Revenue rose 3% to $213.4 million, from $207.3 million. Same-store sales were up 5.2%. .
In February, Conn’s president and CEO Timothy Frank stepped down to pursue other opportunities. Theodore M. Wright was named as the interim CEO and president while the company searches for a permanent replacement.
For the year, Conn's lost $1 million, compared with net income of $3.5 million a year ago.
Annual revenue fell 10% to $790.5 million, from $874 million.