Conn’s, Inc. (CONN), the Texas consumer electronics and home products retailer, saw revenue jump 5.8% in the fiscal first quarter of 2010 ending Apr 30.

Total net sales rose 2.6% to $200.1 million on the back of strong sales of consumer electronics, furniture and mattresses. Lawn and garden was weak in the quarter.

Same store sales actually declined 4.6% as consumers shopped for electronics at Circuit City’s liquidation sale and due to shortages of certain television sets.

The credit portfolio saw improvement as the annualized net charge-off rate fell to 3% from 3.2% in the year ago period. It was also down from the 3.4% rate in the previous quarter.

Adjusted earnings per share met analysts’ estimates at 47 cents in the quarter.

Guidance Reaffirmed

The company reaffirmed its fiscal 2010 guidance, which ends Jan 31, 2010, of earnings per share in the range of $1.75 to $1.85.

With the guidance remaining intact, covering analysts moved to raise estimates to be inline with the forecast. 2010 consensus estimates rose 23 cents to $1.82 per share in the last 30 days.

Value Fundamentals

Conn’s Inc. is now a Zacks #2 Rank (buy) stock but was a Zacks #1 Rank (strong buy) stock when we last reviewed it in April. It is still cheap, trading at just 7x forward earnings. It has a PEG ratio of 0.55.

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