02.06.2015 - Conn's reduced profit by 44%
The retailer of furniture and household appliances Conn's reported a drop in profits of 44% in the first quarter due to falling sales in the stores and the negative impact of the credit and financial business. At the moment, the company is actively looking for buyers for its loan portfolio. The loss in this segment in the first quarter totaled $ 8.5 million. As a result, for the first quarter, the company received 15.7 million dollars in profits, against $ 28.5 million for the same period of the last year, but revenue rose by 8.8% to 365.1 million dollars. Given the success of new stores and the possible sale of the credit business, we expect the company's shares rise by 30-35% per year.