PLANO, TX-Rent-A-Center's same-store sales fell 1.8% year overyear during its third quarter due to overall economic pressure,executives say. However, October sales momentum has improved, saysMark Speese, the company's chairman and CEO.
“I am cautiously optimistic that most of our shakeup in regardsto our customers has taken place,” he says. Management predictsthat same-store sales will come in flat during the fourthquarter.
The company's total revenues in its Q3 shot up 20.9%, to $709.7million, due to its acquisition last year of 784 Rent-Way storesfor $567 million. Due to the purchase, the chain consolidated 24stores during the quarter and opened 10 new units, giving it a netreduction of 14 locations.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
