Aaron Rents sales shoot up 30% in 2Q
By Furniture Today Staff -- Furniture Today, August 8, 2004
Atlanta — Aaron Rents said second-quarter sales shot up nearly 30% as its flagship sales and lease ownership division continued to expand rapidly.
Revenues for the rent-to-own division were up 32%, and same-store sales jumped 14.7%, the company reported.
Chairman and CEO Charles Loudermilk said, "Our sales and lease ownership division ... added 60 company-owned stores and 37 franchise stores during the first six months of 2004, and we are well on our way to accomplishing our goals for the year."
Total revenues in the quarter came to $230.3 million, compared with $177.7 million in last year's second quarter. Aaron owns some rent-to-rent stores.
Net income increased nearly 76% to $15.4 million. The figure includes a pretax gain of $5.5 million from the sale of the company's stock in Rainbow Rentals, sold in May when Rainbow merged with Rent-A-Center.
In addition to new stores opened during the quarter, Aaron acquired 26 stores, including two franchised stores, and converted 10 of its 11 remaining Sight & Sound stores to Aaron's Sales and Lease Ownership stores.
| Aaron Rents | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| Quarter ended 6/30 | 2004 | 2003 | Change |
| (a) Includes non-rental revenues of $60.1 million in the 2004 quarter, $46.3 million in the 2003 quarter, $130.2 million in the 2004 six months and $106.5 million in the 2003 six months. (b) Revenues minus cost of sales, operating expenses and depreciation of rental merchandise. | |||
| Revenues (a) | $230,286,000 | $177,741,000 | 29.6% |
| Operating income (b) | 26,194,000 | 15,379,000 | 70.3% |
| Net income | 15,385,000 | 8,761,000 | 75.6% |
| Earnings per share | 0.46 | 0.26 | 76.9% |
| 6 months ended 6/30 | 2004 | 2003 | Change |
| Revenues (a) | $472,779,000 | $369,001,000 | 28.1% |
| Operating income (b) | 48,108,000 | 30,874,000 | 55.8% |
| Net income | 28,202,000 | 17,509,000 | 61.1% |
| Earnings per share | 0.84 | 0.53 | 58.5% |
-
Aaron 2Q revenues jump 11.6%
Aug 5, 2007 -
Aaron Rents revenues, earnings rise sharply
Nov 21, 2004 -
Aaron Rents 1Q sales up 11.7%; profits soar 35.5%
Apr 29, 2007 -
Aaron 3Q sales up, profits down
Nov 20, 2005
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