Aaron Rents reports $21 million fourth-quarter profit

Atlanta-based Aaron Rents Inc., a rent-to-own furniture chain, reported a $21.1 million profit for the fourth quarter, or 39 cents per diluted share, up from $15.5 million, or 28 cents per share, a year earlier.

It had $404.9 million in revenues, up 11 percent from the year-ago quarter. For the full year, Aaron Rents had $90.2 million in profit, or $1.66 per share, up from $80.3 million, or $1.46, in 2007.

Aaron Rents chief executive Robert Loudermilk said the company expects its business to continue to be strong, as “more people see the availability of their credit diminish or disappear.”

The company updated its guidance, saying it now expects to earn $1.72 to $1.87 per diluted share in 2009, up two cents from its previous guidance. It also expects first quarter earnings of 49 cents to 54 cents per diluted share, excluding store or asset sales.