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Conn’s swings to Q3 profit


The Woodlands, Texas -- Conn's returned to a profit in its third quarter as the chain booked fewer charges and sales of furniture and mattresses improved. The company raised its fiscal 2013 forecast.

Conn’s, which also sells home appliances, consumer electronics and other items, posted a better-than-expected net income of $11.8 million for the three months ended Oct. 31, compared with a net loss of $12.7 million in the year-ago period.

Revenue increased 11% to $206.4 million from $186.6 million. Same-store sales rose 12.6%.

The recent quarter included about $1.4 million in charges related to extending and expanding its borrowing capabilities and moving its headquarters to The Woodlands, Texas. The prior-year period included about $19.2 million in charges.

Separately, the retailer said that it is selling about 1.4 million, and certain shareholders are selling about 3.6 million shares in a public offering that started Monday.

Conn's said that it will give the underwriters a 30-day option to buy up to about 750,000 shares to cover any excess demand.

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