Conn’s Capable of ‘Much Larger’ Online Presence, Says New CEO

Conn’s temporarily closed five of its 10 Louisiana stores before Hurricane Ida made landfall Sunday to give employees time to evacuate, said CEO Chandra Holt on a call Wednesday for fiscal Q2 ended July 31. Holt joined Conn’s from Walmart Aug. 9, when former CEO Norm Miller moved to executive chairman. “While we are still fully assessing the impact from the storm, we do not expect Hurricane Ida to materially impact our third quarter financial results,” said Holt. “We remain dedicated to supporting our team members and helping our communities recover and rebuild from this devastating storm.” Conn's existing “back-end infrastructure” can support “a much larger e-commerce business as we grow,” Holt said. Q2 e-commerce sales increased 211% year over year to a quarterly record of $17.3 million and were up 60% sequentially, she said. “The company is well positioned to grow e-commerce sales to approximately $70 million this fiscal year compared to e-commerce sales of $26 million last fiscal year.” She thinks Conn’s can grow e-commerce “to levels in line with best-in-class omnichannel retailers.”