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Aaron’s earnings jump 30% in fourth quarter

Company plans to add 250 stores this year

By Furniture Today Staff -- Furniture Today, February 20, 2007

ATLANTA — Rent-to-own powerhouse Aaron Rents said fourth-quarter revenues jumped 14.8%, while net income rose more than 30%.

Most of the growth came from its Aaron’s Sales and Lease Ownership division, whose fourth-quarter revenues were 17% above the fourth quarter of 2005.

Aaron’s, which operated 1,345 company-owned and franchised stores at year’s end, had total revenues of $339.9 million for the quarter ended Dec. 31, compared with $296.2 million for the final quarter of 2005.

Net income totaled $19.04 million or 35 cents per share in the quarter, compared with $14.61 million or 29 cents per share in the same period in 2005.

For the year, revenues were $1.33 billion, a 17.9% increase from 2005. Last year’s net income totaled $78.6 million or $1.47 per share, a 35.5% increase from $58 million or $1.14 per share in 2005.

Charlie Loudermilk, chairman and CEO, said more than 100 units were added last year and more than 250 new stores are planned for 2007.

The Dec. 31 store count included 828 company-owned and 441 franchised Aaron’s Sales and Lease Ownership stores, 17 Rimco stores and 59 corporate furnishings stores.

Loudermilk said he expects 2007 revenues to top $1.5 billion, said earnings per share should be $1.55 to $1.65.

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