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Aaron Rents earning surge 32% in third quarter

Revenues grow 16.3%, with same stores up 5.7%

Larry Thomas -- Furniture Today, October 29, 2008

The company, which operates more than 1,400 Aaron's Sales and Lease Ownership stores and 38 Rimco stores, said same-store sales at the 985 company-owned Aaron's stores increased 5.7% during the quarter.

Total revenues for the quarter ended Sept. 30 were $388 million, compared with $333.7 million in the same quarter last year.

Net income was $21.1 million or 39 cents per share, compared with $15.9 million or 29 cents per share in last year's third quarter.

Robert Loudermilk Jr., president and CEO, said hurricanes Gustav and Ike affected business at more than 100 stores and cost the company 1 to 2 cents per share in earnings, including the value of merchandise that was destroyed in the homes of Aaron's customers.

For the nine months ended Sept. 30, revenues were up 15.3% to $1.19 billion. Nine-month net income was up 6.7% to $69.1 million, or $1.28 per share.

During the quarter, the company announced an agreement to sell its Aaron's Corporate Furnishings division. That unit's revenues and expenses are no longer included in financial statements, and figures from prior years have been restated to reflect the change.

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