RAC same-store sales expected to grow 9.7%
By Furniture Today Staff -- Furniture Today, January 20, 2002
PLANO, Texas — Rent-A-Center expects earnings per share for the three months ended Dec. 31 to be in the range of 68 to 70 cents. Same-store sales for the quarter are expected to increase 9.7%.
Mark Speese, chairman and chief executive officer of the rent-to-own retailer, said, "I believe we have the proper plan in place to continue to drive revenues and profitability. Our better-than-expected fourth-quarter same-store sales increase reflects the resilient nature of our business and confirms our prior decision to terminate the previous discounting program."
Rent-A-Center also said it expects 2002 earnings per share to be $3.60 to $3.70, up 30 cents from its earlier guidance. The company said the previous guidance excluded benefits from company initiatives to implement improved expense controls. The revised range reflects the successful implementation of some, but not all, of these initiatives.
Rent-A-Center expects first-quarter revenues of $475 million to $483 million, with earnings per share of 90 to 93 cents. Fiscal year 2002 revenues are anticipated to be $1.9 billion to $1.95 billion.
The company operates 2,281 RTO stores, and also owns ColorTyme, a franchiser of 341 RTO stores.
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