Total revenue for the quarter ending June 30, 2006 was up $3 million, rising 0.5% to $583.6 million from $580.6 million for the same period a year earlier. Net earnings for the quarter were also up slightly at $39.8 million, or 56 cents per diluted share, an increase of 7.7% from the $39.6 million, or 52 cents per diluted share earned in the same quarter last year.
Quarterly sales were up 0.5% to $583.6 million, driven largely by a 1.1% increase in sales at stores open at least a year, the company said. Rising utility and fuel costs along with stock option expenses cut into profits, however.
Chairman and Chief Executive Officer Mark E. Speese said the positive trend prompted the firm to revise its guidance for the full year by raising earnings expectations to $2.08 to $2.15 per share from $2.00 to $2.10.
The locally based rent-to-own company, which currently operates 2,749 stores in the United States, Canada and Puerto Rico, has been expanding rapidly in the last six months with 19 new store openings, 18 acquisitions and accounts in 20 additional locations. The firm has also added financial services to 38 existing rent-to-own locations, bringing to 77 the numbering of stores offering that service.
The company said it expects full year revenue to come in between $2.36 billion and $2.38 billion, on par with analysts estimates, with same-store sales expected to be grow by between 1% and 2%.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.