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US specialty retailer Aaron's posts third quarter revenue of $452 mn

28
Oct '21

Pic: Aaaron's

Aaron's Company, a leading, technology-enabled, omnichannel provider of lease-to-own and purchase solutions, has reported a 2.5 per cent revenue rise to $452.2 million in the third quarter (Q3) of FY21 ended on September 30, 2021, over the same period of prior fiscal. E-commerce revenues grew 13.3 per cent over Q3 FY20, representing 14.3 per cent of lease revenues.

“In the nearly one-year since our spin transaction, we have strengthened Aaron's leadership position in the direct-to-consumer lease-to-own market. Through continued investments in our fast-growing e-commerce channel, predictive lease decisioning engine and high-performing GenNext stores, we are delivering a better customer experience, greater productivity and long-term growth in our business,” Douglas Lindsay, chief executive officer of The Aaron's Company, said in a press release.

During the third quarter, gross profit rose to $284.6 million ($279.5 million), whereas operating profit slipped to $33.2 million ($41.3 million). The American company’s net earnings dropped to $24.3 million ($32.6 million).

Furthermore, Aaron's has revised its full year 2021 outlook and now expects revenues to between $1.820 billion and $1.830 billion.

“With strong third quarter results, we are again raising our revenue and earnings outlook for the full year 2021. I am encouraged by the continued year-over-year growth in our lease portfolio and the robust inventory position we have built as we enter the peak demand season,” Lindsay concluded.

Fibre2Fashion News Desk (JL)

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