Conn's Stock Rockets 27% After Company Reports Better-than-expected Earnings

By Ciara Linnane Markets MarketWatch Pulse

Shares of furniture retailer Conn's Inc. rocketed 27% Tuesday, marking its biggest one-day gain since September of 2011, after the company posted a surprise adjusted profit for the fourth quarter and better-than-expected revenue. The Texas-based company said it had a net loss of $0.1 million, or breakeven on a per-share basis, for the quarter, after income of $1.1 million, or 3 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, compared with a FactSet consensus for a loss of 12 cents. Revenue of $433 was ahead of the FactSet consensus of $431 million. The company said it expects same-store sales to fall in the mid-teens in the first quarter of fiscal 2018. Shares are down 15% in the year so far, while the S&P 500 has gained 5%.

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