RAC 4Q revenues rise 4.8%
By Furniture Today Staff -- Furniture Today, February 13, 2005
Plano, Texas — Fourth-quarter revenues for rent-to-own giant Rent-A-Center increased 4.8% to $585.3 million, including $7.9 million in one-time income from the sale of charged-off accounts.
Net income in the quarter slipped 9% to $46.9 million from $51.5 million in the final quarter of 2003.
Rent-A-Center said the revenue increase primarily was driven by incremental gains at new and acquired stores, offset by a decrease in same-store sales of 3.7%.
During a conference call with securities analysts, RAC President and Chief Operating Officer Mitchell Fadel said the latest quarter was "a good quarter in terms of sequential customer growth and agreements on rent," both of which achieved internal targets.
He added that new stores continue to "perform well, running slightly ahead of (the company's) new store model."
For the year, revenues, including one-time income from the sale of charged-off accounts, came to $2.3 billion, up 3.8% over 2003's $2.2 billion. Same-store sales decreased 3.6%.
Net earnings in 2004 fell 14.1% to $155.9 million from $181.5 million in 2003.
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RAC 4Q revenues climb 4.8%
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