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"With consumer credit woes contributing to a sharp quarterly loss, Conn's is slowing its growth rate and shuffling executive leadership to focus on strategies to better handle credit risk. The Woodlands-based furniture, mattresses, home appliances and electronics retailer on Thursday reported a net first-quarter loss of 32 cents per diluted share; a year ago, it earned 43 cents. Underwriting changes the company has already put in place may have made it more difficult for higher-risk customers to buy items, retail analysts with Conlumino wrote in a note. According to Conn's, a major factor was accounts opened during 'higher-growth periods' between fiscal years 2014 and 2016. Michael Poppe was promoted to president and chief operating officer of credit and collections from his role as Conn's executive vice president. Conn's stated changes are encouraging, as the company's consumer credit model is unsustainable, said Howard Davidowitz, chairman and", www.houstonchronicle.com
"Continuing challenges within its in-house credit unit led Conn’s into the red last quarter. This morning the company reported a net loss of $9.7 million for its fiscal first quarter, ended April 30, compared to year-ago profits of $15.7 million. The red ink flowed from the chain’s customer credit operation, where rising delinquency rates and higher bad-debt provisions led to a $21 million operating loss, compared to an $8.5 million operating loss last year.", www.twice.com
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