Conn's profit slides in Q2

Beaumont, Texas Appliance and electronics retailer Conn’s on Thursday reported its second-quarter profit dropped to $4.9 million for the quarter ended July 31, from $11 million a year ago.

Total revenues edged up 0.8% to $220.2 million. Same-store sales for the quarter declined 5.2%. Net sales overall declined 0.2% to $190.3 million.

“While our second-quarter performance did not meet our expectations, we feel that we gained market share across our core categories,” said Timothy L. Frank, president and CEO.

“For the second half of the year, we are focused on executing in our stores, growing our market share, maintaining strong credit quality in our credit portfolio and continuing to invest in the business to drive growth, while implementing identified cost-saving opportunities and maintaining our focus on cost control.”

The company currently operates 75 stores. It plans to open three to five more during the current fiscal year.