Rent-to-own giant Aaron’s saw net income jump 28.4 percent to $49.2 million in the first quarter of 2015, largely on the strength of its Progressive business, the Atlanta company said Friday.
Revenues for its core operations, Aaron’s stores, fell 2.3 percent to $552.5 million in the quarter compared to $565.3 million during the same period last year. Foot traffic was down 4.2 percent and same-store revenues at company-operated locations opened at least a year decreased 3.8 percent in the quarter compared to the same period last year.
But the losses are slowing and gave the company hope it is moving in the right direction toward profitability.
“Profitability in the core business stabilized in the quarter, and we believe our strategies can ultimately restore growth in this segment,” said John Robinson, chief executive officer of Aaron’s.
Progressive’s revenues in the first quarter of 2015 was $251.6 million. Comparisons of the company’s earnings from the same period last year were not included because Aaron’s had just purchased Progressive.
