Conn's Q1 Profit Rises, Results Top Estimates; Backs FY15 Adj. EPS View

(RTTNews) - Conn's Inc. (CONN), a specialty retailer of home appliances, said that its first-quarter net income increased to $28.47 million from last year's $22.18 million, with earnings per share improving to $0.77 from $0.61 in the year ago quarter.

Adjusted earnings grew 31.1% to $0.80 per share from $0.61 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew to $335.45 million from $251.06 million in the same quarter last year. Wall Street expected revenues of $328.52 million for the quarter. Same store sales grew 15.6%, on top of a 16.5% increase in same store sales reported a year ago.

Conn's reaffirmed its fiscal year 2015 earnings guidance of $3.40 to $3.70 per share on an adjusted basis. Analysts project annual earnings per share of $3.52. The company expects to generate earnings per share of between $3.37 and $3.67 for the 12 months ended January 31, 2015, which includes charges of approximately $0.03 per share associated with facility closures and lease terminations during the first quarter of fiscal 2015. The company anticipates annual same stores sales growth of 5% to 10%.