Aarons, Inc. (AAN) Reports In-Line Q2 EPS; Issues Mixed Outlook
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Aarons, Inc. (NYSE: AAN) reported Q2 EPS of $0.50, in-line with the analyst estimate of $0.50. Revenue for the quarter came in at $552.1 million versus the consensus estimate of $564.93 million.
Aarons, Inc. sees Q3 2013 EPS of $0.48-$0.52, versus the consensus of $0.51. Aarons, Inc. sees Q3 2013 revenue of $550 million, versus the consensus of $564.88 million.
Aarons, Inc. sees FY2013 EPS of $2.15-$2.23, versus prior guidance of $2.15-$2.27 and the consensus of $2.19. Aarons, Inc. sees FY2013 revenue of $2.33 billion, versus the consensus of $2.3 billion.
"The Company continues to experience positive same store revenue growth and non-GAAP net earnings for the second quarter were within expectations," said Ronald W. Allen, Chairman, President and Chief Executive Officer of Aaron's. "However, we were expecting better revenue and customer growth during the quarter, but the financial headwinds and general economic stress we saw in the first quarter on our customers continued into the second quarter. Shipments of products to our franchisees again were below last year's numbers, as customers of our franchised stores are experiencing similar economic challenges. We anticipate these trends will continue in the near term, but remain very positive and optimistic on the long term prospects for the Company. We are planning several new promotions for the remainder of the year to stimulate growth in revenue and customers."
"Although non-GAAP earnings were up, the special charges recorded in the quarter lowered our overall earnings," Mr. Allen continued. "In addition, our HomeSmart weekly rental business grew in revenues, but overall performance was less than expected. We have recently made several changes in the HomeSmart management team and continue to solidify our business model. We remain quite positive on the weekly concept, and plan to open an additional five stores by the end of the year, as well as a significant number of new HomeSmart stores in 2014 and beyond."
For earnings history and earnings-related data on Aarons, Inc. (AAN) click here.
Aarons, Inc. sees Q3 2013 EPS of $0.48-$0.52, versus the consensus of $0.51. Aarons, Inc. sees Q3 2013 revenue of $550 million, versus the consensus of $564.88 million.
Aarons, Inc. sees FY2013 EPS of $2.15-$2.23, versus prior guidance of $2.15-$2.27 and the consensus of $2.19. Aarons, Inc. sees FY2013 revenue of $2.33 billion, versus the consensus of $2.3 billion.
"The Company continues to experience positive same store revenue growth and non-GAAP net earnings for the second quarter were within expectations," said Ronald W. Allen, Chairman, President and Chief Executive Officer of Aaron's. "However, we were expecting better revenue and customer growth during the quarter, but the financial headwinds and general economic stress we saw in the first quarter on our customers continued into the second quarter. Shipments of products to our franchisees again were below last year's numbers, as customers of our franchised stores are experiencing similar economic challenges. We anticipate these trends will continue in the near term, but remain very positive and optimistic on the long term prospects for the Company. We are planning several new promotions for the remainder of the year to stimulate growth in revenue and customers."
"Although non-GAAP earnings were up, the special charges recorded in the quarter lowered our overall earnings," Mr. Allen continued. "In addition, our HomeSmart weekly rental business grew in revenues, but overall performance was less than expected. We have recently made several changes in the HomeSmart management team and continue to solidify our business model. We remain quite positive on the weekly concept, and plan to open an additional five stores by the end of the year, as well as a significant number of new HomeSmart stores in 2014 and beyond."
For earnings history and earnings-related data on Aarons, Inc. (AAN) click here.
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