Moving closer to its store growth target for fiscal 2015, Conns Inc. CONN opened two new HomePlus stores on Sep 26, one each in Thornton, CO and Augusta, GA.
Spanning 46,000 square feet, the new Colorado store is located at 550 E. 102nd Avenue in Thornton, marking for Conns’ seventh store in the state and its fifth in the Denver region. This store has generated 27 employment opportunities for the local residents, taking the number of jobs created by Conns in Colorado to 200. Also, it comes as part of Conns’ ongoing expansion in the state.
Moving to the second opening, the new Georgia store spans over 50,000 square feet and is housed at 270 Bobby Jones Expressway in Augusta. Being one of the biggest store formats in this chain, the store has created roughly 30 new employment opportunities for the region.
Celebrations to mark the opening included lucrative offers, like various gift card giveaways, storewide promotions and a chance to win free shopping worth $10,000. In fact, the shopping spree option will be available at the Augusta store and all seven Colorado stores, up to Oct 30, 2015.
Conns’ HomePlus stores offer superior-quality products at reasonable prices. These stores specialize in furniture and mattresses, home appliances, consumer electronics and home office products.
The robust demand is also largely attributable to Conns’ attractive in-house credit program, YES MONEY. This plan lends customers the option of buying good-quality products by paying low monthly installments. This strategy of providing customers with an opportunity to purchase the otherwise unaffordable items gives Conns an edge over its competitors, thereby increasing its popularity and enhancing customer relations.
We believe that Conns’ continuous efforts to increase store count, along with its flexible credit options for customers, will boost its performance going forward. Also, the constant HomePlus store openings highlight strong demand and positive response received from customers
Further, the new outlets complement the company’s plan of opening about 20 stores nationwide in fiscal 2015. At present, Conns operates over 90 stores across 12 states.
Zacks Rank
Conns currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same industry include Aaron's, Inc. AAN, Best Buy Co., Inc. BBY and hhgregg, Inc. HGG, each with a Zacks Rank #2 (Buy).
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