Aaron’s profit rises amid recession
The Atlanta Journal-Constitution
Lease-to-own retailer Aaron’s Inc. said its net profit rose 24 percent, to $27.8 million, in the second quarter from a year earlier.
Revenue rose 8 percent to $417.3 million, the Atlanta-based company said.
Still, Aaron’s slightly missed its targets for the quarter and lowered revenue expectations to $1.75 billion for the year, based on smaller orders from franchisees for the goods it manufactures. Aaron’s expects earnings per share for the year to range from $1.95 to $2.05.
Aaron’s sells home furnishings, electronics and other goods to consumers with poor credit on a month-to-month basis.
“We are highly pleased with these results,” said Robin Loudermilk, Aaron’s president and CEO, said in a statement. “In this difficult economic environment consumers still need home furnishing necessities, and especially need the ability to obtain the merchandise with no credit checks or long-term obligations.”
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