THE WOODLANDS, Texas (AP) -- Conn's fiscal first-quarter net income nearly doubled, led by strong sales of furniture and mattresses and some higher prices, the retailer said Thursday.
Results for the company, which also sells home appliances, home office products and consumer electronics, beat analysts' estimates.
Conn's lifted its fiscal 2014 adjusted earnings forecast. Its stock rose in premarket trading on Thursday.
Conn's Inc. earned $22.2 million, or 61 cents per share, for the period ended April 30. A year ago, it earned $11.6 million, or 35 cents per share.
An 11 percent increase in the number of outstanding shares since last year shaved about 6 cents off the per-share results for the recent quarter.
Analysts, on average, expected earnings of 53 cents per share, according to FactSet.
Conn's stock added $4.54, or 9.4 percent, to $53 before the market open.
Revenue for The Woodlands, Texas, company increased 25 percent to $251.1 million, from $200.9 million last year. Wall Street was looking for $241.5 million in revenue.
Furniture and mattress sales climbed to $49.1 million, making up about 26 percent of total product sales in the quarter. Sales of home appliances, consumer electronics and home office products also increased in the period.
Computer sales rose 16.2 percent, while tablet sales more than doubled.
Mattress and home appliance prices increased.
Revenue at stores open at least a year, a key measure of a retailer's health, rose 16.5 percent. This figure excludes results from stores recently opened or closed.
Conn's now expects fiscal 2014 adjusted earnings in a range of $2.50 to $2.65 per share. Its prior outlook was for $2.40 to $2.50 per share. Analysts predict earnings of $2.51 per share, on average, with estimates ranging from $2.45 to $2.63.
Conn's has 70 stores in Texas, Louisiana, Oklahoma, New Mexico and Arizona.
- Consumer Discretionary