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Conn’s Q1 profit up


Beaumont, Texas Conn's said Thursday that its first-quarter profit climbed 8.7% thanks to stronger sales of its electronics and mattresses.

For the three months ended April 30, the retailer earned $11.5 million, up from $10.6 million a year ago.

Revenue climbed 5.8% to $231.3 million from $218.6 million a year ago as sales of electronics, furniture and mattresses helped offset weak sales in the company's lawn and garden business.

In other news, Conn's said Wednesday that chief executive Thomas J. Frank Sr., has retired and will be succeeded by his son, Timothy.

Timothy Frank, who previously served as president and COO, was designated for the position last June as part of Conn's succession plan. The senior Frank will remain with the retailer as a consultant and board member.

Conn's also said Wednesday that it has appointed William C. Nylin Jr., as chairman. Nylin, a former COO of the company, has served as a board member and executive vice chairman since March 2006.

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