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February 13, 2013
07:04 EDTCONNConn's to sell and lease back of four store locations
Connís announced the sale and long-term lease back of four owned properties to STORE Capital Acquisitions. The company received net proceeds of approximately $22.4M in connection with the sale, which was used to repay borrowings under its real estate loan and asset-based lending facility. Three of the locations are in Texas and the fourth is in New Mexico.
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March 5, 2015
06:11 EDTCONNConn's reports February sales up 4.9% YoY to $95.4M
Reports February SSS down 5.8% vs. February 2014. Reports February 60-plus day delinquency rate 9.2%. CEO Theodore M. Wright commented, "Greater than 60-day delinquency was down 50 basis points as of February 28 compared to January 31, despite a decrease in the customer portfolio balance. The percentage of the portfolio re-aged increased by 40 basis points since October 31, 2014, to 13.5% at February 28, 2015, compared to an increase of 80 basis points from October 31, 2013 to February 28, 2014. Same store sales for the month decreased 5.8% against an increase of 14.9% in February last year. During the month, store traffic and delivery of items purchased were negatively impacted by weather. In addition, due to the prolonged port labor disruption which had a higher impact than prior months, lower availability of furniture product contributed to a decrease in same store sales of 8% for the furniture category. Inventory availability should improve but we do not expect it to return to normal in March. We continue to experience headwinds from tighter underwriting implemented during the first three quarters of fiscal year 2015 compared to the same period a year ago, with an estimated impact of approximately 5-7% in the month. Excluding Arizona and New Mexico locations, same store sales decreased 3.6% for the month."
March 4, 2015
10:13 EDTCONNOptions with increasing implied volatility
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