Conn’s says month-to-date same-store sales in August down 13%

Conn’s CEO Norman Miller said during the company’s Q2 earnings call: “Same-store sales were down 15.4% for the second quarter, which is the third quarter of sequential improvement and an over 1,000 basis point improvement from last year’s third quarter. Top line trends have continued to improve and month-to-date same-store sales in August are down 13% and and total sales are down 10.7%. The continual improvements in same-store sales since last year’s third quarter have been driven primarily by a significant turnaround in sales financed through our in-house payment offerings as a result of the growth strategies we are pursuing. We have maintained a conservative approach to credit underwriting, which has supported stable performance within our credit segment even as we navigate a more challenging economic environment. In addition, sales within our lease-to-own segment increased during the quarter, reflecting our first positive quarter of lease-to-own sales in 1.5 years. As a result, we believe we are well positioned to achieve positive same-store sales in the coming quarters as our growth strategies continue taking hold and demand for our payment options increases.”