Earnings for the week ending Sept. 4


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Conn’s sales sink, At Home sales and profits jump, Macy’s slides and Hooker Furniture sees some profit improvement

The Woodlands, Texas-based Conn’s posted fiscal second-quarter revenues of $366.9 million, down 8.5% from the same period a year ago. Retail revenues declined 8.6% to $279.9 million and same-store sales slipped 13.2%. E-commerce sales grew 72% while sales financed by in-house credit dropped 36% due to tighter underwriting.

Conn’s furniture and mattress business for the quarter ended July 31 decreased 18.6% to $81.0 million and same-store sales for the category were off 21.9%.

Net income for the quarter increased 2.7% to $20.5 million from the previously $20.0 million. On a per-share basis, net income increased to 70 cents from 62 cents a year ago.

Chairman and CEO Norm Miller called the results “better than expected given the unprecedented disruption the COVID-19 crisis has caused.” The overall same-store sales decline reflects “proactive underwriting changes and industry wide supply chain disruptions, each of which was the result of the COVID-19 pandemic,” the company said.

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Plano, Texas-based At Home posted sales of $515.2 million in its fiscal second quarter, up 50.5%, and same-store sales were up 42.3% from the same quarter a year ago. Net income rose to $89.4 million, or $1.39 per share, from $10.4 million, or 16 cents per share. On an adjusted basis, net income increased to $90.6 million from $11.4 million, or to $1.41 per share from 18 cents per share.

It was the best quarter in the company history (something we’ve heard more than once) in terms of comps, profitability and free cash flow, said CEO Lee Bird. And the key factors driving the strong performance have continued into the third quarter “with quarter-to-date comparable store sales relatively in line with Q2, as we continue to gain market share.”

Macy’s fiscal second-quarter sales slid 35.8% to $3.56 billion from $5.55 billion a year ago, while comparable sales were down 35%. Net income for the quarter ended Aug. 1 moved to a loss of $431 million, or $1.39 per share, from a profit of $86 million, or 28 cents per share for the same time last year.

In the release, Jeff Gennette, chairman and CEO of the New York-based department store retailer said the performance was “stronger than anticipated” across its three banners: Macy’s, Bloomingdale’s and Bluemercury, “driven largely by the sales recovery of our stores.”

He added that going into the crisis, the company had a well-developed digital business that it’s seeing “thrive as we attract new and welcome existing customers back to our brands.” The company’s digital sales grew 53% over the second quarter last year and accounted for more than 50% of comp sales. Digital sales accounted for 54% of the total owned comparable sales.

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Net sales for Hooker Furniture Corp. decreased 14.3% in the fiscal second quarter ended Aug. 2 to $130.5 million, while net income increased 38.8% to $5.8 million from $4.2 million a year ago. On a per-share basis, profits increased 37.1% to 48 cents from 35 cents a year ago.

“While the COVID-19 pandemic continued to impact the economy and our operations, our business began to rebound in mid-May and hasn’t let up since,” said Chairman and CEO Paul Toms.

He noted incoming orders in July were up 34% from a year ago, and backlogs were up 35%. “Based on this unusually robust order rate for the summer months, we continue to believe that furniture is an advantaged sector during the pandemic-related economic downturn and ‘safer-at-home’ practices, due to pent-up demand, a robust housing market and less competition from other discretionary spending such as travel, dining out and sporting events,” he said.

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Clint Engel

Clint Engel is a veteran home furnishings industry journalist and executive editor of Home News Now. Please share your feedback with him at clint@homenewsnow.com

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