— Furniture Today
\nPLANO, Texas \u00e2\u20ac\u201d Rent-A-Center, the nation\u00e2\u20ac\u2122s largest rent-to-own company, reported modest revenue gains in the second quarter
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\nand six months, driven by same-store sales increases of 1.1% in the latest quarter and 1.4% in the six months.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today PLANO, Texas \u00e2\u20ac\u201d Rent-A-Center, the nation\u00e2\u20ac\u2122s largest rent-to-own company, reported modest revenue gains in the second quarter<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1360","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=1360"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1360\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=1360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=1360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=1360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}