ATLANTA, July 28, 2017 /PRNewswire/ — Aaron’s, Inc. (NYSE: AAN), a leading omnichannel provider of lease-purchase solutions, today announced financial results for the three and six months ended June 30, 2017.
“We’re very pleased with our second quarter results,” said John Robinson, Chief Executive Officer. “Strong growth at Progressive Leasingand disciplined execution in the Aaron’s Business drove increased revenues and improved profitability in the quarter.”“Progressive had an exceptional quarter driven by a significant increase in total invoice volume and strong lease portfolio performance. The business has impressive momentum across a diverse mix of verticals and we expect to continue to drive long-term growth with our leading virtual lease-to-own model,” Mr. Robinson stated. “The Aaron’s Business outperformed our expectations primarily due to higher lease margin and strong cost control,” continued Mr. Robinson. “We’re making additional investments in the Aaron’s Business to improve our direct-to-consumer platform, and our long-term confidence in the business is also demonstrated by the accretive acquisition of Aaron’s largest franchisee, announced in a separate press release today.” “We remain conservatively capitalized, with a proforma net debt to capitalization of approximately 14.5% following the acquisition. We’ll continue to look for ways to leverage our unique set of assets to serve more customers and create value for our shareholders, associates, franchisees and retail partners,” Mr. Robinson concluded.
- Total Revenues $815.6 Million; Diluted EPS $0.51
- Non-GAAP Diluted EPS $0.68, Up 15%
- Progressive Revenues Up 25%; Active Doors Up 37%
- Increasing 2017 Outlook for both the Aaron’s Business and Progressive