Aaron’s revises second-quarter expectations downward

Atlanta-based Aaron’s on Tuesday revised its expectations downward for its second quarter earnings because of softness in its rental business.

The retailer, which will release its earnings on July 25, said revenues will be around $672 million, down from the previous guidance of $675 million. Earnings per share for the quarter will be between 34 cents and 37 cents compared to the 43 cents to 48 cents results originally anticipated.

The company said revenue from its online lender Progressive Finance, which Aaron’s acquired in April for $700 million, were strong and will offset some of the sales struggles in its rental unit.

Aaron’s hopes to improve its performance through a series of measures, including closing more than 40 underperforming stores in the third quarter, strengthening its online presence and cutting costs in targeted areas.

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