Rent-A-Center (RCII) Tops Q3 EPS by 4c, Revenues Beat

Rent-A-Center (NASDAQ: RCII) reported Q3 EPS of $0.32, $0.04 better than the analyst estimate of $0.28. Revenue for the quarter came in at $644.94 million versus the consensus estimate of $637.25 million.

"Rent-A-Center faced a number of headwinds when I returned to the Company back in January. In order to improve performance, we executed a plan that included enhancing our value proposition, optimizing our cost structure, and improving cash flow," stated Mitch Fadel, Chief Executive Officer of Rent-A-Center.

Mr. Fadel continued, "During the third quarter, consolidated same store sales increased by 5.7 percent, marking the seventh consecutive quarter of same store sales improvement. The cost savings initiatives, implemented earlier this year, are expected to exceed our announced $100 million annual run-rate savings target, and have been a key contributor towards achieving significant EBITDA improvement year over year. Cash flow from operations is over $180 million year to date, and debt was reduced by $41.1 million during the quarter further strengthening our leverage position."

For earnings history and earnings-related data on Rent-A-Center (RCII) click here.

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