Aaron raises '09 forecast
By Furniture Today Staff -- Furniture Today, January 4, 2009
ATLANTA — Rent-to-own powerhouse Aaron Rents said it expects business trends to remain strong in 2009 and is raising its earnings estimates for the year.
The company, which operates about 1,535 corporate and franchised stores, now says 2009 earnings will be $1.70 to $1.85 per share. That's up from an October estimate of $1.65 to $1.80 per share.
“Aaron's Sales and Lease Ownership results continue to be strong with growing same-store revenues and customer counts,” said Robert Loudermilk Jr., president and CEO. “Unlike many other specialty retailers, our business has been thriving in this economic environment.”
Loudermilk said earnings estimates for the fourth quarter and the calendar year 2008 remain unchanged. Fourth-quarter earnings are projected to be 32 cents to 37 cents per share, while the full year is projected at $1.60 to $1.65 per share, excluding any one-time gains or losses.
He said same-store sales in the fourth quarter are expected to be 5% to 7% higher than the fourth quarter of 2007.
Fourth-quarter earnings will be announced Feb. 16.
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