Conn's 2Q Earnings Climb on Better Sales

Beaumont, Texas Conn's Inc. said Thursday its second-quarter profit rose 5% as higher overall sales offset a decline at existing stores.

Conn's said income for the quarter ended July 31 climbed to $10.2 million from $9.7 million in the year-ago quarter.

Excluding a one-time charge from a decrease in the fair value of its interests in securitized assets, Conn's said its profit was $11 million.

Revenue rose 7% to $218.5 million from $203.5 million in the same quarter last year, the company reported. Meanwhile, same-store sales declined 1.4%.

The company opened four new stores in existing markets during the quarter, bringing its total number of locations to 73.