remarks begin initiatives Thanks long-term our the we around performance retail prepared turn to have sales performance. affecting drivers the Norm. retail and reviewing I'll near developed and segment my outlining credit our before
segment quarter credit very strong. results Third were
Our as yield X,XXX net XX.X% record result credit spread points over basis was of the favorable third during a of quarter charge-offs of a XX.X%. and
segment improvements validates significantly half in continued and unique income The And our a business our has hybrid credit achieved supports and we credit first our model, funds. cost credit of in as five years. strategy, a and result, reduced performance our our
In retail remain our are addition, retail credit well-positioned presence. strategy credit expand It that paramount plan at reinvest as a in excess aimed our online and is we into spread credit opportunities disciplined sales. that our growth-oriented growing as we pursue to model pursue strategies matures, we our
New the trend customers. base our recurring of become encouraging high of online applicants will us which and customer segments our expand fastest-growing funnel, quality customers an have help and is
of in control customers have losses However, new and the it new to and portfolio. as compared initial have stated higher important existing customers, our we online historically, customers proportion applicants is to
and began from were earlier this accounts performance third deteriorate originated customer the to we fiscal the online see accounts new year. that applicants in quarter, During
prudent to day and tightened defaults standards risk XX-plus and on payment higher First vintages of applicants. began new impact these online the to we primarily made and delinquencies mitigate increase, underwriting adjustments customers and
same-store third to We estimate these actions quarter reduce X% by approximately sales X%.
be these also by same-store in impacted sales underwriting changes, will sales included is quarter same-store We expect which fourth guidance. our
business the credit credit credit decisions the and three the from was basis ability additional made risk of quarter, result points spread see can last achieve credit can we this to have years. of a our over the support X,XXX spread you As
understand on highest we may it credit the retail credit years. a as performance six demonstrates, pursuing focused our especially But when are tighten spread in accelerates. to counterintuitive we conservative be financial We as our expansion strategy, achieved credit
continue balance as outperform portfolio quarter We retail our credit third or and and standards our trends to underperform the underwriting will our proactively refine when did the adjust in between we we expectations. segments,
credit XX-plus combined believe will underwriting maintain make approach of us offset made quickly significant credit we We decisions our business. proactive overall continue will to the the our disciplined collection the Our delinquencies. capabilities, improvements during third we health day the and in third quarter, amount quarter with of help higher the
our However, we quarter. higher recovery new Enhanced the and we as improvements help $XX.X efforts. pre post XX.X% collection also provision million, and us will collection recoveries third originations, customer third allowance increased and charge-offs $X.X be and which continue have to in account quarter. for with associated includes the charge-off will the to to impact Year-to-date near-term million in make of our capabilities recoveries accounts of offset prior higher originated
ABS transaction, also the our recent further which credit by strategy. pleased I'm of November our validates pricing
underwriting the strategy yields, health in and our of collections. continues remain benefit from portfolio our overall improved to as credit will disciplined better We higher
the challenging we business, on impact on Moving primarily retail in experienced quarter, also underwriting conditions third consumer throughout to sales addition our within of electronics changes, market our category. to the
two within lapping sales same-store cannibalization sales consumer our from from Same-store declined during factors. associated compounding impacts and category of Lingering the the rebuilding new Hurricane the XX.X% stores. quarter, with Harvey reflecting efforts impact third on electronics
First, three the October selling average to data, compared XXXX, televisions and three premium the large months ended of deflation premium XXst, Conn's focused. selling prices higher times better/best demonstrates was significant the the screen $XXX is during TVs product reduced selling NPD for than of average price our $X,XXX, to average TVs price which price quarter. average for industry over during According
the over selling importantly, selling segment TV TV for is declined period, average market entire sizes above, during which were primarily the while of focus inches More of this down for XX XX%. prices prices screen we on X% nearly and TV average category the
as accessible Second, sales more We price approximately saw financing. need dynamics that demonstrating customer, one X% cash the quarter, by during consumer the to third decreasing market this impact had quarter made X% same-store we for large TVs performance. estimate decline screen the core a units category our in purchases lower sales electronics the on impacted of to also points category the
as which we announced including manufacturers, believe within next released market Microsoft demand consoles their will this year, year. and environment Sony also challenging models for current gaming is our A be affecting category exists next-generation
console gaming In large on sale component of a our focused a a television. is gaming new addition, strategy with the of attaching
quarter, consoles. they the of during our As also TV declined sales sales have gaming impacted
purchase this we of the category models. next as will improve upgrade within launch consoles, later With or year new new sales believe consumers
We expect impact continue sales of even of with from sales this gaming electronics in an quarter and greater the higher during consoles category category to holiday negatively fourth the affect TVs mix our of will because the season. consumer
million. the offset or sales nearly faced the increased quarter, total we in helped sales XX.X% and categories $XX same-store as challenges sales Appliance by increased during other X.X%
share. remain opportunities are longer our within near and brand delivery, of market optimistic selection we service our well-positioned products, our offering, about term large expand We name appliance and the next-day market of in-house because and to
in currently e-commerce In appliances the addition, contributor sales. growth to our are largest
e-commerce, sales. of decline e-commerce same-store from sales the helping year in prior increased offset Speaking million $X the to XXX% overall period,
we opportunities to of While our smaller still our portion a with the excited interact we by overall have customers online. are sales,
our financing e-commerce as fulfillment We offering our differentiated because well a as next-day and and of spectrum of full have developed delivery, unique logistic options. capabilities
quarter speaks within and retail trends and the the to storm severity to our efforts Southeast in gap the disruption to last Harvey X.X% and at sales, to continues which within non-Harvey was rebuilding The continue cycle markets. and to in our Looking the Harvey quarter. year's the third second markets affect our important replacement X.X% compared between of the decline Texas markets, magnitude Hurricane
but the to decline no expect therefore, our Harvey we forward further. markets will in Harvey same-store will quarter, impacted And our gap Hurricane For of breakout should we Hurricane be pulled the longer by guidance. continue fourth impact demand, sales the quarterly
to X% from existing We markets. was of approximately sales same-store estimate We experience showrooms and coming impact to we in cannibalization sales to cannibalization in continue same-store X% new quarter the the that to some third cannibalization expect on are see quarters. opening also impact starting
Tropical the Texas we our and fiscal closed a year XX third quarter Imelda, distribution of XXXX. and service Storm Southeast As stores, centers corporate in the office result of during
dangerous impact fiscal of quarter on year the storm and did and flooding rainfall a quickly of have the retail XXXX. levels not certain third through during moved While impacted material markets, sales
in increase did for the storm, re-ages the provide However, contributed we customers credit million by impacted $X.X to relief the quarter. which to
can As by sales you impacted see, different quarter factors. several were third retail
We retail have near-term underway to experienced in are sales. several initiatives the mitigate weaknesses we
performance success retail Overall, focused Conn's for and product retail promoting we offerings, expanding are service long-term and on our and increasing by our our leading positioning financing options, consistent footprint.
as piloted market And U.S. the the are margin. During which quarter, three our Houston third has a base. gross represents business across an across $XX showrooms. successfully of result, flooring flooring our store model market, we we and our residential strong supports combined, approximately inventory-light in Beaumont the products XX% The pilot billion expanding
our will in Flooring implemented, sales, is annual be approximately and contribute believe it expected gross we the to out markets we believe could our across of of fully segment Once accretive retail coming roll margin. million quarters. $XX this retail to many
strategy Flooring in aspirational underway or that evaluate require product home that to professionally additional strategy other is typically categories installed financing. complement reach A goods broader ticket into identify categories. large of first home is our to step merchandising and process expand selling our the a
financed continue of we of model, our the XX% Over business progress our to to financing be sales our options, unique by partners. value expanding continue make our three relationships of with retail our demonstrating one financing third-party and
period of The year XX.X% Synchrony total the our sales sales points balance nearly ago to increased with third retail quarter. through from Financial a of same in partnership the XXX basis
working sales third lease-to-own we total of this achieve the because retail our initiatives this to should we least to disappointed XX% believe underway our also result financing actual credit waterfall sales compared to the through in our given be are at are lease-to-own partner and execution, with our we However, of Internal quarter. are sales, improve with goal. of penetration option X%
We during successfully our at performing year. fiscal last states strategy, new geographic expansion the showrooms in expectations. line showrooms compared are new in year current XX to Looking our seven with existing opened fiscal
and in We expect will sales. they same-store new recurring quarters mature as customer to sales showrooms benefit contribute growth from future
to locations penetrated, our in once XX approximately Florida open will fully with We plan we largest second showrooms. XX to Florida. eight new Next XX year, approximately state become including new believe stores, Central
As pursuing this our focused on digital actively you are can national and growth. strategy retailer support expansion investments in to see, becoming a we are methodical required and a platforms physical
Our margin of with at of remains to rate third expected center and distribution but associated relocation. same-store primarily expected quarter the retail XX.X% due our the than decline below gross Houston in expenses least strong, was sales onetime XX%, higher
The retail decline in margin increases quarter during with year retail growth. costs increased the primarily fiscal third inventory benefit year-over-year to to due of gross help pricing of coupled logistics adjustments associated related appliance the was of tariff in forward to future the buys and support XXXX,
our the of coming during new opened distribution third associated quarter center will center. incurring and the in additional Florida with start we the distribution development expenses quarters Houston state-of-the-art new Our
remarks, near-term our to long-term while remaining despite market impacts opportunities focused my business, on To strategy. our our disciplined in conclude the pursuing are growth prepared we credit
store points retail Underlying and aimed total annual XX%. to our annual and of at margin spread credit growth of XX% gross annual sales trends and X,XXX business achieving new support least at basis continue performance X% to approximately of retail model
these will financial producing and during profitable many achieve fiscal year, We sustainable, highly on we and come. for focused to believe years next results we results are consistent,
turn review overview, the call to George let to more results this detail. me in our over With financial