Daily News
From Home Furnishing Business
Aaron’s Reports Q1 Revenues Up
May 4,
2016 by in Financial Reports, Industry 
Aaron’s (NYSE: AAN), a provider of sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories, has announced total revenues of $854.4 million, up 4 percent, for the first quarter of 2016.
Net earnings increased 0.9 percent to $49.7 million compared to $49.2 million in the prior year period. Diluted earnings per share were $0.68 in both periods. Non-GAAP diluted EPS were $0.71 compared to $0.73 last year.
“First quarter results met our expectations,” said John Robinson, president and CEO of Aaron’s. “We delivered on the company’s goals for revenues, adjusted EBITDA and non-GAAP earnings per share. At the same time, we made important progress to grow Progressive, strengthen our balance sheet, sharpen our focus at the core business and expand our customer base.”
During the quarter, the company entered into an agreement to sell the assets of its HomeSmart division. The transaction is scheduled to close in the second quarter of 2016, subject to customary closing conditions.
“Our core business was mixed this quarter,” Robinson said. “Comps improved year-over-year and on a sequential basis, and same-store customer counts increased versus last year. However, deliveries were softer than expected during the quarter, and lease activity was concentrated around promotional items. Given the leadership changes we made in the quarter, I’m optimistic these trends can improve.”