Rent-to-own giant Aaron’s saw foot traffic and sales fall in the third quarter, continuing the company’s struggles to turnaround its core business.
Revenues at Atlanta-based Aaron’s stores fell in the quarter to $486.1 million, down 3.1 percent from $501.7 million during the same period last year. Combined foot traffic from company-operated and franchised stores fell 2.6 percent.
When the company’s Progressive business is added, however, overall revenues increased 10 percent to $767.7 million compared to $698.4 million in the third quarter of 2014. Profit more than doubled, rising from $9.3 million in the third quarter of 2014 to $24.2 million this year.
Earnings per share climbed to 33 cents compared to 13 cents this time last year. However, it missed
“Solid revenue growth at Progressive and continued expense control at our core stores was partially offset by lower than expected EBITDA at Progressive and negative same store revenues in the core segment,” said John Robinson, Aaron’s chief executive officer.
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