Conn’s drop in sales provides peek into inflation’s impact on consumer demand
The exterior of Conn's 657,000-square-foot multi-division distribution center on Thursday, September 12, 2019, in Houston.The Woodlands retailer Conn’s said Tuesday that sales and profits plunged in the second quarters as inflation and recession fears dampened consumer spending.
the same period a year earlier. Profits plummeted more than 90 to $2.1 million from $37 million the second quarter of 2021.Conn’s CEO Chandra Holt said the uncertain economy had the greatest impact on lower-income customers,uch as those who use credit and layaway options to make purchases. Sales in this segment fell 24 percent from the previous year, compared to 12 percent decline for higher income customers, who pay with cash or Conn’s store credit card, was only half as high at 12 percent.
In the next quarter and beyond, she said, the company plans to continue enhance the website by improving online checkout experience and making it easier for customers to apply for credit and make payments.
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