Aaron Rents, Inc., the nation's leader in the rental, rental purchase and specialty retailing of residential and office furniture, consumer electronics and home appliances, today announced record revenues and earnings for the third quarter and the first nine months of its fiscal year. The third quarter was the 35th consecutive quarter of record revenues and earnings for the Company.

For the three months ended September 30, revenues increased to $124.9 million compared to $109.4 million for the third quarter of 1999, up 14%. et earnings for the third quarter this year advanced to $6.7 million versus $6.1 million for the third quarter last year. Earnings per share for the third quarter of 2000 rose to $.34 compared to $.30 for the third quarter of 1999, an increase of 13%. /font>

For the nine months, revenues advanced 16% t $372.1 million compared to $321.0 million for the corresponding period last year. Net earnings this year advanced to $20.9 million compared to $19.4 million with earnings per share increasing to $1.05 compared to $.96 per share ($1.05 versus $.94 per share assuming dilution) for the first nine months of 1999, a 12% icrease in diluted earnings per share.

Aaron's Rental Purchase division increased its revenues 22% t a record $79.8 million for the third quarter this year compared to $65.4 million last year. Systemwide revenues, which includes revenues of franchised stores, gained 19% t $163.7 million for the quarter compared to $137.0 million last year. For the first nine months, rental purchase revenues grew 25% t $236.7 million compared to $188.8 million for the period last year, while systemwide revenues increased 21% t $484.3 million versus $400.4 million last year.

Revenues from Company-operated rental purchase stores open in comparable quarters grew 10.3% dring the third quarter compared to the same period a year ago. In addition, revenues from the Company's rent-to-rent stores open in comparable quarters grew 9.1% dring the quarter compared to the same quarter last year.

During the first nine months of this year, the Company has added 66 rental purchase stores, including 10 stores acquired in Puerto Rico in September, and plans to have an over 20% icrease in rental purchase stores open by the end of 2000 compared to the previous year. At September 30 the Company had 99 rent-to-rent stores, 248 Company-operated rental purchase stores, and 186 franchised stores open, for a total of 533 stores in 39 states and Puerto Rico.

Aaron Rents, Inc., based in Atlanta, currently has more than 535 Company- operated and franchised stores in 39 states and Puerto Rico for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company manufactures furniture, bedding and accessories at 10 facilities in four states.




 

Franchise News Release: Atlanta, GA - (Oct-25-2000)


Aaron Rents Reports Record Revenues and Earnings


 





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