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Conn’s Inc (NASDAQ:CONN)Q4 2019 Earnings Conference CallMarch 26, 2019, 11:00 a.m. ET
Prepared Remarks Questions and Answers Call Participants
Good morning, and thank you for holding. Welcome to the Conn’s, Inc. conference call to discuss earnings for the fiscal quarter ended January 31, 2019. My name is Melissa and now I’ll be your operator today. During the presentation. All lines will be in a listen-only mode. (Operator Instructions) After the speakers remarks, you’ll be invited to participate in a question-and-answer session. As a reminder, this conference call is being recorded. The Company’s earnings release, dated March 26, 2019, was distributed before market open this morning and can be accessed via the Company’s Investor Relations website at ir.conns.com.
During today’s call, management will discuss, among other financial performance measures, adjusted EBITDA, adjusted net earnings and adjusted annual credit segment operating income. Please refer to the Company’s earnings release that was issued today for a reconciliation of these non-GAAP measures to their most comparable GAAP measures. I must remind you that some of the statements made in this call are forward looking statements within the meaning of the federal securities laws. These forward looking statements represent the Company’s present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties, which could cause actual results to differ materially from those indicated today.
Your speakers today are Norm Miller, the Company’s CEO; and Lee Wright, the Company’s CFO.
I would now like to turn the conference over to Mr. Miller. Please go ahead, sir.
Norm Miller — President, Chief Executive Officer and Chairman
Good morning, and welcome to Conn’s Fourth Quarter Fiscal Year 2019 Earnings Conference Call. I’ll begin the call with an overview and then Lee will complete our prepared remarks with additional comments on the financial results. Fiscal year 2019 was a historic year for Conn’s and reflects the growing momentum in our business. Fourth quarter GAAP earnings were $29.5 million or $0.91 per diluted share, which were the best quarterly earnings we have achieved in our 129-year history. Adjusted EBITDA for fiscal year 2019 was a record $212.8 million, a 27% increase from last fiscal year and approximately 18% higher than our previous annual adjusted EBITDA record.
In addition, same-store sales, retail gross margin and bad debt charge-offs, all improved significantly in fiscal year 2019, compared to the prior fiscal year. As we start the new fiscal year, our focus is on retail growth and we expect to achieve both positive same-store sales and accelerated store growth. Our abil