Aaron's 3Q Earnings Climb 6%

October 25, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on October 26, 2010 Atlanta-based Aaron's, Inc. (NYSE: AAN) reported net earnings of $26.2 million for the third quarter ended Sept. 30, a 6 percent increase compared to $24.6 million reported in the same quarter last year.

Sales for the quarter climbed 9 percent to $452.2 million compared to $415.3 million in the same quarter last year.

Net earnings for the first nine months were $87.6 million compared to $87.5 million for the first nine months of last year. Sales for the nine-month period were up 7 percent to $1.392 billion, compared to $1.307 billion for the same period of 2009.

"We are pleased that our third quarter results were in line with our expectations," said Robert C. Loudermilk, Jr., president and CEO.  "Same store revenue and customer growth continue to be strong, and we are on track with our 2010 new store opening plans.  In this tough economic environment, we have performed very well, providing basic home furnishings that are desired and needed by our customers.  We feel that our positive business trends will continue during the remainder of 2010 and look forward for another excellent year in 2011."

As previously announced, the company began ceasing the operations of its Aaron's Office Furniture division in June.  During the third quarter, Aaron's closed two Aaron's Office Furniture stores and has two remaining stores that will remain open in 2011 to liquidate merchandise. 

The entire earnings release can be found on the Aaron's Web site.