Conn's Inc. (CONN) reported that its first-quarter net income rose to $22.18 million or $0.61 per share, from $11.56 million or $0.35 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Total net sales for the quarter increased to $209.45 million from last year's $166.94 million. The year-over-year growth was driven by the significant expansion in same store sales and the five Conn's HomePlus stores opened in fiscal 2013. Two new stores opened on April 26, 2013. Same store sales rose 16.5% from the prior-year period, on top of same store sales growth of 17.8% last year.
Total revenues for the quarter were $251.06 million, up from $200.85 million in the prior year quarter. Seven analysts had consensus revenue estimate of $246.90 million for the quarter.
The company raised adjusted earnings guidance for the fiscal year ending January 31, 2014, to a range of $2.50 to $2.65 per share from the prior estimate of $2.40 to $2.50 per share. Analysts expect the company to report earnings of $2.51 per share for fiscal year.
Annual same stores sales are now expected to be up 8% to 13%, compared to previous same stores sales growth estimate of 3% - 8%.
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