Shares of Conn’s Inc. (CONN) have slipped more than 8% today as the retailer slashed guidance citing the sluggish economic environment.
The company stated that it now expects earnings for the fiscal year ending Jan 2010 between $1.40 and $1.60 per share, compared to the prior outlook of $1.75 to $1.85.
The Zacks Consensus Estimate is at $1.72 per share, which has moved down by 4 cents over the past month.
Meanwhile, the company reported fiscal second-quarter earnings of 22 cents per share, missing the Zacks Consensus Estimate by 35.3%.
Sales grew marginally by 0.8% to $220.2 million, while same-store sales declined 5.2%.
CONN, a Zacks #5 Rank (“Strong Sell”) stock, is trading on heavier-than-usual volume of approximately 407,000, compared to the average daily volume of about 116,000.
“CONN” Free Stock Analysis: Buy? Sell? Hold?
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