Rent-A-Center (RCII) Tops Q3 EPS by 2c, Guides EPS Below the Street
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Rent-A-Center (NASDAQ: RCII) reported Q3 EPS of $0.11, $0.02 better than the analyst estimate of $0.09. Revenue for the quarter came in at $693.88 million versus the consensus estimate of $701.27 million.
Rent-A-Center sees FY2016 EPS of $1.05-$1.15, versus the consensus of $1.29.
“As previously announced, our third quarter operating results were negatively impacted by unexpected capacity-related system outages following the full implementation of our new store information management system within our Core U.S. stores. Consequently, I am terribly disappointed in the results for the quarter, both top and bottom line. Toward the end of the third quarter we had seen significant improvement in system availability and a reduction in the frequency of system outages. However, over the past two weeks on a couple of instances we have experienced system slowness and outages similar to but less impactful than what we saw earlier in the third quarter. Despite these recent challenges, over the past 6 weeks, past due percentages have been lower than they were a year ago,” said Robert D. Davis, the Chief Executive Officer of Rent-A-Center, Inc.
Mr. Davis continued, “While certainly the third quarter results were very disappointing and the macro environment continues to provide challenges and headwinds, we successfully rolled out eCommerce in October, and we have made significant progress in readying our organization for piloting with several large national retailers in Acceptance Now. We are enthusiastic about these opportunities and I continue to believe our business model provides a superior customer experience to both the retailer and the end consumer,” Mr. Davis concluded.
For earnings history and earnings-related data on Rent-A-Center (RCII) click here.
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