by Wolf Richter
Wolf Street
Rising first-payment defaults and 60-day delinquencies, which are “leading indicators,” caused the retailer to become “prudent.” Shares plunged 33%.
Conn’s – a retailer with 137 stores in 14 states that sells household goods and electronics to subprime customers preferably financed at blistering interest rates or on a lease-to-own basis – had a five-year anniversary of a crash on December 10.
Its shares plunged 33% on Tuesday after it reported earnings, on issues that included credit deterioration among its subprime customers.