Rent-to-own retailer Aaron’s reported a 9 percent increase in revenue in the third quarter.
Aaron’s said Thursday its net income was $28.9 million, or 38 cents per share, compared to $28 million or 36 cents per share in third quarter 2011.
Excluding one-time charges and gains, among them a $10.4 million charge for costs related to the retirement of Aaron’s founder Charlie Loudermilk, earnings per share would have been 46 cents for the latest quarter. Loudermilk retired in September from the company he created nearly 60 years ago.
“Excluding the charge related to the retirement of our founder, earnings exceeded expectations,” Aaron’s President and CEO Ronald Allen said in a news release. “Revenue growth remains very strong and our planned new store openings are on schedule.”
Same store revenue and customer count increased 6.5 percent and 8.2 percent respectively.
