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Conn’s beats Street with Q1 profit; will open 15-18 stores


The Woodlands, Texas – Conn’s Inc. managed to beat Wall Street expectations with a 44% net income slide in the first quarter of fiscal 2016. Net income fell to $15.7 million from $28.5 million the same quarter a year earlier, with costs related to store closures, relocations and legal and professional fees contributing.

Conn’s plans to open 15-18 new stores and close two stores during fiscal 2016. Consolidated revenues increased 9% to $365.1 million from $335.4 million due to new store openings, partially offset by a decrease in same store sales of 4.3%

During fiscal 2016, Conn’s will discontinue offering video game products, digital cameras and certain tablets. The retailer expects same-store sales growth to range from flat to low single digits.

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