Conn's stock jumps on 2Q revenue figures

BEAUMONT, Texas (AP) -- Conn's Inc. said Tuesday its second-quarter revenue at stores open at least a year rose 22 percent, boosted by a jump in demand for furniture and mattresses.

The growth pleased investors. Shares of Conn's rose 14 percent in afternoon trading and hit a postrecession high.

The metric is a key measure of a retailer's health, because it excludes sales at stores that opened or closed during the year.

Revenue at stores open at least a year for furniture and mattresses jumped 58 percent, helped by a better product selection and an increase in promotional activities, while in home office items, the figure increased 42 percent, the company said.

For the quarter ended July 31, the Beaumont, Texas-based retailer said its total net sales, which include revenue from repair services, rose 13 percent to $171.7 million from $152 million.

Total sales of furniture and mattresses increased 50 percent to $31.9 million, while total home office sales grew 35 percent to $14.4 million.

The company plans to release its full second-quarter results on Sept. 5.

In afternoon trading, Conn's shares rose $2.65, or 14 percent, to $21 after peaking at $21.10 earlier in the day, their highest point since 2008.