Conn's (CONN) May Comps Rose 4.0%

Conn's (Nasdaq: CONN) reported $110.7 million in total retail net sales for the month ended May 31, 2015, a 14.1% 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 May 31, 2015, compared to the same prior-year period, and the 60-plus day delinquency rate as of May 31, 2015:

Theodore M. Wright, Conn’s chairman and chief executive officer, commented, "Greater than 60-day delinquency was 8.5% as of May 31, 2015 compared to 7.8% as of May 31, 2014, with a seasonal increase of 10 basis points from April 30, 2015."

"Same store sales for the month increased 4.0% against an increase of 13.4% in May last year. As expected, the port labor disruption had less of an impact on May than last month with improved inventory levels. Availability was near normal or normal in all categories by the end of the month. Same store sales was also impacted by our decision to exit video game products, digital cameras, and certain tablets. Excluding the impact from these products, same store sales increased 7.0%."

"Sales volume was reduced compared to the same period a year ago from tighter underwriting implemented during the first three quarters of fiscal year 2015, with an estimated impact of approximately 2-4% to same store sales in the month."

"For the month of May, excluding the impact from video game products and digital cameras, same store sales for consumer electronics increased by 2.9%. The television category increased 4.6% due to higher average selling prices as a result of an increase in the proportion of television sales from Ultra HD televisions, partially offset by lower same store unit sales. Same store unit sales increased in the furniture and mattresses and home appliance categories, offset by lower average selling prices. Excluding the impact from tablets, same store sales for home office was flat for both average selling prices and unit sales."

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 June sales and delinquency data on July 9, 2015.

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