- Conn's Inc (NASDAQ: CONN) reported a second-quarter FY23 sales decline of 17.1% year-on-year to $346.6 million, missing the consensus of $370.23 million.
- Same-store sales decreased 22.0% versus last year.
- Adjusted EPS of $0.04 missed the consensus of $0.09.
- eCommerce sales rose 11.5% Y/Y to $19.3 million. Retail segment revenues decreased 19.4%, and the Credit segment revenues declined 6.4%.
- The costs and expenses for the quarter fell 7% Y/Y to $338.6 million.
- The operating margin was 2.3%, and operating income for the quarter plunged 85.2% to $8 million.
- The company held $72.1 million in cash and equivalents as of July 31, 2022.
- "Challenging macroeconomic conditions continued to pressure consumer spending during our second quarter, which disproportionately affected year-over-year sales to our financial access customer segment and sales of our discretionary product categories," said CEO Chandra Holt.
- CONN expects current strategic initiatives, combined with prior actions, to generate cost savings of approximately $12.0 - $16.0 million in the back half of this fiscal year.
- Price Action: CONN shares traded lower by 11.49% at $10.01 in premarket on the last check Tuesday.
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