Aaron's income jumps 20% in first quarter
Revenues rise 7.6% with same stores up 6%
Larry Thomas -- Furniture Today, April 26, 2011
ATLANTA — Rent-to-own powerhouse Aaron's Inc. said its first quarter profits were 20% ahead of last year's first quarter as the company saw strong demand for its furniture, consumer electronics and appliances.
Revenues rose 7.6% and same-store revenues were 6% ahead of the first quarter of 2010, the company said.
Net income for the quarter ended March 31 was $44.4 million or 55 cents per share. That compares with $37 million or 45 cents per share in the same quarter last year.
Total revenues, including franchise royalties and fees, were $532.7 million, up from $495.3 million in last year's first quarter.
"We exceeded our expectations for both revenue and earnings growth, and customer traffic remains strong," said Robert Loudermilk Jr., president and CEO. "Our customer base remains large, the demand for the basic household furnishings we offer continues, and we believe the potential for further growth still is excellent."
The company also boosted its earnings projections for the year to $1.69 to $1.81 per share. That's up from a February estimate of $1.61 to $1.77 per share. Revenue projections for 2011 were remained at $2 billion, the same as in February.
As of March 31, Aaron's had 1,140 company-owned and 666 franchised Aaron's Sales & Lease Ownership stores in the United States and Canada. In addition, there were 11 company-owned and six franchised Rimco stores.
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