Conn’s Inc. (NASDAQ:CONN) stock jumped 18.5% today, the most of any guru stock holding, on improved financial results and a raised fiscal year 2013 outlook. Conn’s is a regional electronics and appliances retailer. For the quarter ended Jan. 31, 2012, it reported earnings per share of $0.34, up from a loss per share of $0.00 the previous year, driven by higher selling prices and increased sales of furniture and mattresses. Revenues increased 3.7% to $226.7 million, and same store sales increased 12.1%.
"We are pleased to report improved profitability in both our credit and retail segments," stated Theodore M. Wright, the company's chairman and chief executive officer. "Sales and gross margins are increasing. Combined February and March same store sales grew 16.1% and retail gross margin for the first quarter of fiscal 2013 to date is above fourth quarter of fiscal 2012 levels. We are on track with our store opening plans and are looking forward to returning to unit growth after a period of retrenchment."
Next year, the company expects earnings per share of $1.20 to $1.30, based on projected same store sales increases, new store openings, higher gross margins, credit portfolio increase, and other factors.
Jim Simons owns 50,968 shares of CONN, which is 0.0023% of the portfolio of Renaissance Technologies LLC, Chuck Royce owns 711,310 shares of CONN, which is 0.026% of the portfolio of Royce& Associates and Steven Cohen owns 16,444 shares of CONN, which is 0.0012% of the portfolio of SAC Capital Advisors.
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