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Conn's HomePlus® Conn's , Inc. Reports Third Quarter Fiscal Year 2022 Financial Results December 7 , 2021 THE WOODLANDS , Texas , Dec. 07 , 2021 ( GLOBE NEWSWIRE ) Conn's , Inc. ( NASDAQ : CONN ) ( " Conn's " or the " Company " ) , 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 quarter ended October 31 , 2021 . " Retail sales momentum accelerated during the third quarter as same store sales increased 20.6 % over the prior fiscal year period and were up 9.7 % on a two - year basis . Strong retail sales reflect our success expanding our addressable market , as we serve customers across the spectrum of payment options , scale our digital platform and maintain in - stock inventory levels throughout our product categories , " stated Chandra Holt , Conn's Chief Executive Officer . -- " I am pleased with our strong execution in this fluid business environment , and we are well positioned for the fourth quarter and holiday season . We are on track to deliver significant revenue growth and record earnings this fiscal year . I am excited by the direction we are headed and want to thank our team members for their continued hard work and dedication , " concluded Ms. Holt . Third Quarter Financial Highlights as Compared to the Prior Fiscal Year Period ( Unless Otherwise Noted ) : • Same store sales increased 20.6 % for the third quarter of fiscal year 2022 as compared to the third quarter of fiscal year 2021 and increased 9.7 % on a two - year basis ; • Strong same store sales combined with the contribution of new stores drove a 28.8 % increase in total retail sales for the third quarter of fiscal year 2022 as compared to the third quarter of fiscal year 2021 ; • eCommerce sales increased 294.8 % to a quarterly record of $ 19.2 million ; • Net earnings increased 140.0 % to $ 0.60 per diluted share , compared to $ 0.25 per diluted share for the same period last fiscal year ; • Inventories increased 21.7 % compared to total retail sales growth of 28.8 % , with approximately 80 % of SKUs available for next day delivery at October 31 , 2021 ; • Credit spread was 14.6 % , the highest credit spread in over 10 years ; At October 31 , 2021 , the carrying value of customer accounts receivable 60+ days past due declined 32.5 % year - over - year , and the carrying value of re - aged accounts declined 42.9 % year - over - year ; • Net debt as a percent of the portfolio balance at October 31 , 2021 , was approximately 37.7 % , compared to 48.2 % at October 31 , 2020 ; and • Completed $ 377.8 million ABS transaction in November 2021 at an all - in cost of funds of approximately 3.91 % , representing a 110 - basis point reduction from the most recent transaction , and the lowest all - in cost of funds since the Company re - entered the ABS market in September 2015 . Third Quarter Results Net income for the three months ended October 31 , 2021 was $ 18.2 million , or $ 0.60 per diluted share , compared to net income for the three months ended October 31 , 2020 of $ 7.4 million , or $ 0.25 per diluted share . Retail Segment Third Quarter Results Retail revenues were $ 334.8 million for the three months ended October 31 , 2021 compared to $ 259.9 million for the three months ended October 31 , 2020 , an increase of $ 74.9 million or 28.8 % . The increase in retail revenue was primarily driven by an increase in same store sales of 20.6 % , new store growth and an increase in RSA commissions . The increase in same store sales reflects an increase in demand across most of the Company's home - related product categories . The increase also flects the impact prior year proactive underwriting changes , which were the result of the COVID - 19 pandemic . For the three months ended October 31 , 2021 and 2020 , retail segment operating income was $ 22.5 million and $ 15.2 million , respectively . The increase in retail segment operating income for the three months ended October 31 , 2021 was primarily due to an increase in revenue . The following table presents net sales and changes in net sales by category : ( dollars in thousands ) Furniture and mattress Home appliance Consumer electronics Home office Three Months Ended October 31 , % of Total 2020 31.9 % $ 38.3 14.0 82,793 99,872 35,517 5.2 16,711 2021 $ 106,756 128,385 46,751 17,373 % of Total Change 31.9 % $ 23,963 38.4 13.7 28,513 11,234 6.4 662 % Change 28.9 % 28.5 31.6 4.0 Same Store % Change 18.8 % 21.9 28.2 ( 3.2 )