Aaron’s reports first quarter 2017 results
Aaron’s, Inc. (NYSE: AAN), a leading omnichannel provider of lease-purchase solutions, today announced financial results for the three months ended March 31, 2017.
“We’re very pleased with our first quarter results,” said John Robinson, Chief Executive Officer. “Strong performance at Progressive Leasing and solid execution in the Aaron’s Business drove increased customer count, lease revenue and earnings in the quarter.”
“Progressive built on its impressive momentum in door and invoice growth, and its lease portfolio is generating consistently strong performance. We remain optimistic about our ability to continue gaining share in Progressive’s large, addressable market,” Mr. Robinson stated.
“The Aaron’s Business benefited from improved operational execution, and we’re encouraged with the progress we are making to transform the Aaron’s direct-to-consumer platform,” continued Mr. Robinson. “Our unique set of assets positions us well to drive long-term growth, and we’re making strategic investments to better serve credit-challenged consumers in today’s dynamic marketplace.”
“We are well capitalized to fund our strategic objectives. We generated $104 million of cash from operations, reduced long-term debt and repurchased stock in the first quarter. We ended the period with $348 million in cash and net debt to capitalization of approximately 7%, down from 21% a year ago,” Mr. Robinson concluded.