Electronics retailer Conn's posts loss, withdraws profit forecast

Reuters News
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Posted: Dec 09, 2014 8:32 AM

(Reuters) - Texas-based electronics and home appliance retailer Conn's Inc reported a third-quarter loss and withdrew its 2015 profit forecast, sending its shares down as much as 40 percent in premarket trading.

Shares of the company, which also said CFO Brian Taylor had resigned, were set to open at a more than two year-low on Tuesday. The shares were trading at $21 premarket.

Conn's said in October it would consider selling itself or separating its volatile lending business as part of a strategic review.

The company reported a net loss of $3.1 million, or 8 cents per share for the third quarter ended Oct. 31, compared with a profit of $24.4 million or 66 cents per share a year earlier.

(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Siddharth Cavale)