— Furniture Today
PLANO, Texas — Rent-A-Center, the nation’s largest rent-to-own company, reported modest revenue gains in the second quarter


and six months, driven by same-store sales increases of 1.1% in the latest quarter and 1.4% in the six months.

Measured against comparable 2012 periods that included special credits, profits in the 2013 quarter and six months were off 4.5% and 10.3%, respectively.

Revenues in the latest quarter inched up 0.5% to $583.6 million, compared with $580.6 million in the year-ago period. Quarterly net income fell from $41.7 million to $39.8 million.

In the latest six months, revenues were up 0.7% to just under $1.2 billion, and net profits slipped to $80.2 million from $89.4 million last year.

Both 2012 periods included a special pretax $2 million tax audit reserve credit, and the 2012 six months also included an $8 million pretax credit for a litigation reversal. Excluding these credits, and also reflecting a reduction in the number of shares outstanding, earnings per share in 2013 increased 7.7% in the quarter and 5.6% in the six months.

During the latest quarter, Rent-A-Center opened nine stores, acquired 16 stores as well as accounts from 15 additional locations, consolidated 19 stores into existing locations and sold 12 stores, for a net reduction of six stores and an ending balance of 2,749 stores.

In the current quarter, the company expects total revenues to be in a range of $584 million to $592 million, with a same-store sales increase in the 2.5% to 3.5% range. RAC expects to open five to 15 RTO stores in the quarter.