Conn's financial call. results fiscal priorities in more with our fourth welcome XXXX earnings the year call conference turning before Good and update on morning, who George, I'll review will to call today's strategic start quarter an our over to detail.
accomplish and after our are launching as core that rejoining first growth. our efforts on in-house need core company consumers. better CEO our e-commerce analysts we I pursuing include late lease-to-own investors an constrained discussed the to and credit goal, initiatives XXXX, the refocus strategy consumers, When refocusing To to accelerating spoke to transformative in Interim I this serve
period our employees year, that we we While emerge and value this for better create coming from strategies will will enable throughout customers, the challenging the us more positioned believe to stronger, focused lasting underway economic landscape this remain and to believe shareholders.
our turn introduction, recent actions this and prepared credit model the the extremely long-term large and focus credit is are from on the opportunity. drive with and around market simultaneously in solid credit compelling driven opportunity. we headed, leading our sophisticated want I collection to pursuing am years my navigate LTO result and remarks retail foundation over organization our including a marketing strategies, of our to environment to economic segment, performance Conn's business multiple foundation in-house investments to difficult while the credit of confident I we direction our emerging enables underwriting, the trends So This normalizing our pursuing are capabilities. us we made strong create growth growth.
The with business, needs enables combined strength also consumer options of to that credit payment growing model, our unmatched demographics. differentiated offer are Conn's with aligned favorable and our business
in XX operate Conn's the our nearly we credit consumers and states scores Within half payment fit today, of that which have options. LTO credit
expect in addition, of In multiple consumers' average With inflation we in credit following economic growing United in was unchanged over for and the the score score will national XXXX high growth. calendar States first years unprecedented credit XXXX a in scores decline decade. time uncertainty, credit the
helping now believe focused customers. needed our and payment are As are to multiple provide ever, options and result, more than payment we our a offerings affordable on we flexible
available and use customer include all of aspects either represents credit. increasing creates across of also our customers' market XX expanding approximately the rates visits million this growing addressable approval of We months. significant of website over credit, large stores the or customer today our a one compelling growth last to their believe to opportunities funnel apply who number Our total amounts visitors funnel provides our XX that that for and our
believe Conn's two I company public almost major a transformations. strategic Since becoming has years late undergone XXXX, XX in ago
first profitable our resulted less including merchandise that retail retail from and in The when These significantly changes move towards small, carry a in furniture went XXXX and assortment. to away transformation home, for company cash expanding the retail higher contributed the a gross large-ticket sales through was margin. essential products
transformation transformation our significant second since began is to price was credit-driven and our strategic of in that of initiatives. to solid our the critical and interest my changes created foundation in public The to customer be in the our credit significant making These unlock leadership to investments will strategy when the under enabled segment operation us risk funnel. I customers. growth XXXX credit the improvement will credit of increase in a appropriately model that undergo contributed states a changed lending in-house we rates to becoming full a lease-to-own the support believe and we third potential profitability our company multiple
business. product am lease-to-own the in-house contribute report our the last I retail to both we brand over years. pleased Improvement earnings launched has in Like name through has company transformations other lease-to-own and that significant bringing from the growth as coming our the core to that been potential XX to the the years, a in-house is in different recently business Financial, revenue
that both Over believe near retail retail term, Conn's in-house we credit other providers. income, Since capture the than to approve serve did over and last not can approximately gross better provide applicants us the Conn's lease margin differentiated greater another months. the model will option XXX,XXX provide and our it profitable power purchasing to more financing qualify business enables us LTO allow to XX applicants for
LTO payment access also We we by drive compelling history repeat to have opportunity to the believe a gaining of customers. relationships customer
We future improve attractive, allow helping relationships LTO customers graduating to develop will to by Conn's customers us in-house lower-price to will longer This information to while options more customers. customer their also convert credit. credit financing use this customers
expect Improvement conns.com. and locations. we stores Improvement three year, be After in expanded have stores, of February area and went will end across this Financial of at Financial in By majority live recently of to several our development, fiscal offered quarters Houston we XXXX XX the the
early add earnings and performance too were on and retail information the to are past $XX the in-house X% Conn's. new just to This LTO sales sales it's we provide offering, of incremental sales. approximately of our year, potential represented million LTO excited by While over to
As than LTO to can double and matures, LTO we our our in-house believe XX% more sales. grow annual sales of over program retail
As we convert in-house our transactions, we third-party expect this to LTO operating year $XX by LTO approximately negatively sales fiscal to impacted million. income be
over we program $XX the as LTO will income. matures, to However, million offering add in-house operating annual our believe
Improvement the look coming shareholders the on As we program that is opportunity significant believe unlock of a this quarters. to over updating you can forward I our see, transformational value. Financial will progress
provide want on successful update the of transition eCommerce business. I an to Next, our
a Over assortment. the website that a modern and we online months, XX past completely experience supported our by shopping is re-platformed broader created
of we to sales fiscal as platform record of an task our annual grow by undertook digital year. million capabilities, Even to this eCommerce enhancing and difficult able past XX.X% converting we eCommerce the $XX our were
grow over year eCommerce Longer and to believe seven weeks through over sales Going of grow to traffic continue are to $XXX sales large and conversion. to driving and annually. million forward, sales committed we eCommerce we $XXX are increasing believe online term, can a this first the to sales, XX.X% we to we have increase opportunity up eCommerce the continue we million. can fiscal quarter, believe
of innovative the of Our two changes an digital major process. application eCommerce aspects that platform has recent the also implementation benefited from
a to credit credit require First, can customers' we credit before shopping. no hard longer decision inquiry a provide affect inquiries Hard the credit score.
little decision process. customers, credit In are knowing provided removes score, is particularly this shopping a soft inquiry no an to that the non-prime a which completing may be application Customers, on friction of new point the often prior credit customer's a process, shopping significant affected. impact wary with from application their to credit and credit through
qualifying the option with that make series application to new provides see customers each go information their application payment process offers, digital credit a This needs. customers removes individually select Instead, through of decisions. and friction longer application, program. a for from our dashboard common decisions best customer which purchase a allows them no they completes credit additional fits significant see Second, informed and the once a applying point of another to individual
launching our believe opportunities which Since innovative application increase, digital sales we traffic funnel. supports across we our are application seeing customer process, ultimately
be core March our beginning first leading to the indicator improving applications and these year-over-year XX months, applications months. I the past trends. application year-over-year will eCommerce by drive up growth. almost change a month are six are am over The and with marketing, combined platform, encouraged more in in of on refreshed are through refocus critical Applications Our sales, targeted the has consumer been narrowing
these we expect over fiscal a the two capitalizing our plan which open, growth. focus test stores openings After distribution with locations, with store credit-constrained and XXXX open next and XX distribution of in-house core years our to stores our were location, strategy centers, XX and to accelerating to included year We within closed better all serving strategy couple Turning fiscal consumers new lease-to-own new of previously centers e-commerce on which This Belk. store year, growth. and store pause on stores we committed. continue to ended one new store and to XXX we
will revenue fixed opportunity we store across or by costs. a the centers. believe investments per need online behind stores existing strategy stores segments retail multiyear growth major our our to and this have operating distribution We to With and our leveraging open retail we within profitability increasing new us, credit without and drive believe maximize
Finally, down details refocused in considerations the with recent continued as of first we third sales given sales to lieu environment and the quarter These XX.X% on Since credit-constrained year. or business our into and improved have core sales on some the the trends total guidance, official want quarter-to-date. uncertain retail the trends economic consumer. have remained trends provide I stable for quarter,
discussed the as the improve sales retail benefit through sequential on forward the we year, growth fiscal strategies Looking we a today. to basis have of we remainder from expect
SG&A that After and statement, primarily areas retail gross growth associated this of to year. by have between reducing will million benefit this expenses million increase last fiscal we new This initiatives, lower expenses Looking fiscal year, through with other annual million. year-over-year from $XX to $XX last at and $XX freight opened year stores margin expect XX year. by cost fiscal expense our the fiscal to is savings stabilize we approximately income primarily SG&A expect
$XX result million It's that as also $XX expense currently we important wider to rates. million by interest higher and a benchmark year-over-year approximately expect credit of to to spreads annual increase our note
company in more on foundation our turn I to to we the to over call George solid value I details confidence continues a a believe compelling Before and want strong reiterate future. our I and to share proposition, should can have sales We Conn's my any accountable our trends business. leadership financials, in have to right financial place and normalize. results, especially to top the team belief. win the will strategies the line this and drive and as I in hold retail improve environment,
we around our refocus I execution deliver our in that a conviction I belief can have strategic our turn we results. strong ability on team's and with our leadership As financial deep business in on customers resonates operating business, the am priorities. our confident to a and
the over I'll call to overview, turn this George. With
