Shares of Conn’s (NASDAQ: CONN) tanked in pre-market trading on Tuesday after the electronics and appliance store’s President and CEO, Chandra Holt resigned with immediate effect.
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Norman L. Miller will serve as Interim President and CEO of Conn’s effective immediately.
The company also provided a third-quarter update and expects revenues to be down in the range of 21% to 23%. Conn’s also anticipates its Q3 operating margin to be “negative mid-single digits.”
Conn’s added that it continues to be challenged by “macroeconomic headwinds, which is impacting consumer spending and disproportionately affecting year-over-year sales to the Company’s financial access customer segment and sales of discretionary product categories.”
The company also withdrew its previous FY23 financial guidance due to the leadership change and macroeconomic uncertainty.
