Shares of specialty retailer Conn’s (NASDAQ:CONN) are tanking today after the company announced lower-than-expected fourth-quarter numbers.
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Revenue declined 16.8% year-over-year to $334.9 million. Net loss per share at $1.53 came in wider than expectations by $0.67. Further, same-store sales dropped by 21.8% during this period. eCommerce sales, on the other hand, remained buoyant at $24.2 million.
The company is facing macroeconomic challenges as well as changing consumer behavior patterns amid tightening credit conditions. At the same time, Conn’s plans to take its store count to 179 in 2024 from 168 at present.
Shares of the company have dropped 24% so far this year already.
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