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Home-Goods Retailer Conn’s Sinks as CEO Exits, Forecast Pulled
- Stock slumps as much as 23% as economy dims earnings outlook
- Former CEO Miller to replace Chandra Holt in interim role
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Conn’s Inc. plummeted after the home-goods retailer withdrew its full-year guidance and said Chief Executive Officer Chandra Holt has stepped down effective immediately.
The seller of furniture and home appliances sank as much as 23% on Tuesday to the lowest since May 2020 after it said in a statement that the macroeconomic headwinds that have hurt consumer spending are “disproportionately” impacting year-over-year sales in some of its businesses. Conn’s expects third-quarter revenue to drop 21% to 23% and operating margin to be in the negative mid-single-digits range.