Why Conn's (CONN) Shares Are Diving Today

Conn's Inc CONN President and Chief Executive Officer Chandra Holt has stepped down from her position and Board, effective immediately.
Norman L. Miller will serve as Interim President and Chief Executive Officer. Miller was the company's former President and CEO from September 2015 to August 2021 and Executive Chairman from August 2021 until April 2022. He has been a member of the Board of Directors since September 2015.
Miller will continue to serve as a member of the Board of Directors.
Outlook: Conn's said it remains challenged by macroeconomic headwinds, which is impacting consumer spending and disproportionately affecting year-over-year sales to its financial access customer segment and sales of discretionary product categories.
It expects Q3 FY23 revenue to be down 21% - 23% and a negative mid-single digits operating margin.
The company plans to improve margins and reduce or eliminate unnecessary costs.
Conn's has also withdrawn its previous FY23 financial guidance.
Related: Conn's Q2 Earnings Miss Estimates Pressured By Economic Uncertainties
Price Action: CONN shares are trading lower by 25.28% at $6.06 in premarket on the last check Tuesday.
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Conn's CEO Steps Down; Pulls Back FY23 Outlook