Why Conn’s, Inc. (CONN) 12.5% on 09/07/17?
Conn’s, Inc. (CONN) jumped 12.5% as a result of Bullish news signal:
Conn’s, Inc, a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, today announced its financial results for the second quarter ended July 31, 2017. Net income for the second quarter of fiscal year 2018 was $4.3 million, or $0.14 per diluted share, compared to a net loss for the second quarter of fiscal year 2017 of $11.9 million, or $0.39 per diluted share. On a non-GAAP basis, adjusted net income for the second quarter of fiscal year 2018 was $8.2 million, or $0.26 per diluted share, which excludes charges and credits and the loss from extinguishment of debt related to the early redemption of our 2015-A Notes. This compares to adjusted net loss for the second quarter of fiscal year 2017 of $1.2 million, or $0.04 per diluted share, which excludes charges and credits and the impact of changes in estimates.
“Conn’s underlying retail model remains strong. Favorable mix within product categories and lower warehouse, delivery, and transportation costs continue to benefit retail gross margins, which exceeded our expectations and increased 270 basis points to a record 39.8% during the second quarter of fiscal year 2018 compared to the second quarter of fiscal year 2017, and 140 basis points from the first quarter of fiscal year 2018. We anticipate same store sales will improve as last year’s meaningful underwriting changes were lapped at the end of the second quarter, and the penetration of our lease-to-own offering increases throughout the year.”
During fiscal year 2018, the Company has opened three new Conn’s HomePlus® stores, two of which were opened during the first quarter of fiscal year 2018 in North Carolina, and one of which was opened during the second quarter of fiscal year 2018 in Virginia, bringing the total store count to 116. The Company does not intend to open any additional stores in fiscal year 2018.
Retail Segment Second Quarter Results
Total retail revenues were $286.5 million for the second quarter of fiscal year 2018 compared to $332.4 million for the second quarter of fiscal year 2017, a decrease of 13.8%. The decrease in retail revenue was primarily driven by a decrease in same store sales of 15.1%, partially offset by new store growth. Sales were negatively impacted by underwriting changes made during the 2017 fiscal year, the transition of our lease-to-own partner and general softness in consumer spending. For the second quarter of fiscal year 2018, retail segment operating income was $31.3 million.
Why Bullish? Conn’s underlying retail model remains strong. Favorable mix within product categories and lower warehouse, delivery, and transportation costs continue to benefit retail gross margins, which exceeded our expectations and increased 270 basis points to a record 39.8% during the second quarter of fiscal year 2018 compared to the second quarter of fiscal year 2017. The stock has been impacted by the bullish news and jumped by 12.5%. It is very common that these type of news (i.e. strong financial results) will impact the stock in a bullish manner. Therefore, we provide this stock a short-term bullish signal
Latest price: 19.05
Entry level: 19.55
Exit level: 20.7
Stop level: 18.8
(Views and recommendations given in this section are for research purpose only. Please consult your financial adviser before taking any position in the stock/s mentioned.) Neither First to invest. nor any of its officers, employees, representatives, agents or independent contractors are, in such capacities, licensed financial advisors, registered investment advisers or registered broker-dealers. First to invest does not provide investment or financial advice or make investment recommendations. Nothing contained in this communication constitutes a solicitation, recommendation, promotion, endorsement or offer by First to invest of any particular security, transaction or investment. Our goal as publishers of financial information is to provide research and analysis of investments to our subscribers
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- Lululemon Athletica Inc. (LULU): Lululemon beats Street 2Q forecasts. Read More
Why Bullish? For the current quarter ending in November, Lululemon expects its per-share earnings to range from 50 cents to 52 cents. Therefore, will impact the stock in today trade and up to 2-14
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Latest price: 45.37
Entry level: 43.1
Exit level: 46.2
Stop level: 41.9
About the company
Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display worldwide”
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