Aaron 4Q profits jump 34.1%
By Furniture Today Staff -- Furniture Today, February 25, 2005
ATLANTA -- Rental and rent-to-own major Aaron Rents posted revenues of $242.1 million in the fourth quarter, up 15.6% compared with year-earlier results, as net income jumped 34.1% to $13.8 million from $10.3 million in 2003's final quarter.
Annual revenues were $946.5 million, up 23.4% from $766.8 million in 2003, as net income skyrocketed 44.4% to $52.6 million from 2003's $36.4 million.In the fourth quarter, the sales and lease, or RTO, division increased revenues 17% to $214 million, compared with $183 million a year ago.For the year, the division's revenues were $831.1 million, a 27% jump over $656.5 million in 2003.
Same-store revenues for company-owned stores were up 8% in the quarter, and franchise same-store sales rose 14.9%.Franchise revenues, which are not part of Aaron's revenues, were $97.2 million in the fourth quarter and $358.7 million for the year, up 36% and 28%, respectively.Looking ahead, Chairman and CEO Charles Loudermilk said, "Our guidance for the first quarter of 2005 is to expect revenues in excess of $270 million and diluted earnings per share in the range of 29 cents to 32 cents." He said 2005 revenues should exceed $1.1 billion, with EPS of $1.13 to $1.20.
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Aaron 4Q profits jump 34.1%
Mar 13, 2005
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