Furniture, mattresses help Conn's to 6.2% sales gain
Furniture Today Staff -- Furniture Today, May 15, 2012
BEAUMONT, Texas - Improved furniture and mattress sales helped retailer Conn's Inc. achieve a 6.2% sales increase in the quarter ended April 30.
In a preliminary financial report, Conn's said furniture and mattress sales totaled $28.4 million in the quarter - a 29.5% increase from the same quarter in 2011. The categories represented about 17% of Conn's total quarterly sales of $166.9 million.
Furniture recorded a 25.2% increase in the average sales price and a 12.5% increase in unit sales on a same-store basis, while the average mattress selling price leaped 69.5% and unit volume declined 12.1% on a same-store basis.
The company said the top-line improvement in mattresses was driven by its decision to discontinue selling low-price-point products.
Conn's largest product category, consumer electronics, had a 9.8% drop in sales, while appliance sales were up 7%.
The retailer said it will release complete quarterly financial results on June 4.
Conn's operates 57 stores in Texas, six in Louisiana and two in Oklahoma. Its largest concentrations of stores are in the Houston and Dallas/Fort Worth markets.
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