Texas-Based Conn's Expects Revenue Growth Less Than Expected
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SOUTH TEXAS (AP) - Conn's Inc. has reported disappointing fourth-quarter earnings and says it expects revenue for the year to grow less than Wall Street expected.
The company, based in The Woodlands, made the announcement Tuesday.
Conn's had increased sales of mattresses and furniture during the period. Results were hurt by its in-house credit business, which provides financing to customers. Conn's said 9.9 percent of customers were more than 60 days delinquent on payments as of the end of January, up from 9.7 percent the previous year.
Conn's reported fiscal fourth-quarter net income of $1.1 million, or 3 cents per share, in the three months ending Jan. 31.
That compares with $15.5 million, or 42 cents per share, a year ago.
Earnings, adjusted for one-time gains and costs, were 11 cents per share.
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