Conn's (CONN) Comps Fell 6.8% in March

Conn's (NASDAQ: CONN) reported $103.7 million in total retail net sales for the month ended March 31, 2015, a 3.4% increase compared to the same prior year period.

The following table presents the Company's percentage change in same store sales for the month ended March 31, 2015, compared to the same prior-year period, and the 60-plus day delinquency rate as of March 31, 2015:

Theodore M. Wright, Conn’s chairman and chief executive officer, commented, "Greater than 60-day delinquency was 8.7% as of March 31, 2105 compared to 8.2% as of March 31, 2014, with a sequential decrease of 50 basis points from February 28, 2015."

"Same store sales for the month decreased 6.8% against an increase of 18.1% in March last year. During the month, we were negatively impacted by the prolonged port labor disruption. Reduced inventory availability contributed to a decrease in same store sales of 10.8% for the furniture category. Mattresses, which are sourced domestically, had an increase in same store sales of 0.9%. Inventory availability should improve, but shortages will persist through at least April."

"We continue to experience headwinds from tighter underwriting implemented during the first three quarters of fiscal year 2015 compared to the same period a year ago, with an estimated impact of approximately 4-5% to same store sales in the month. The impact of tighter underwriting to our Arizona and New Mexico stores is less significant than previous periods."

"The decline in consumer electronic same store sales was driven by a decrease in the television category of 2.8%. Same store unit sales increased in the home appliance category, offset by lower average selling prices. Same store unit sales in home office were down, partially offset by higher average selling prices."

All of the above amounts are preliminary estimates and are subject to change upon completion of the Company's financial statement closing process. The Company has provided monthly same store sales, portfolio balance and 60-plus day delinquency rate data for all monthly periods since and including February 2012 on its investor relations website, at ir.conns.com.

We expect to release April sales and delinquency data on May 7, 2015.

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