04-25-02
RTO Online

Aaron Rents posted record revenues for Q1. Most of the credit for this 11% increase in a single quarter goes to the Lease Purchase division.

The Rent to Own arm of Aaron's increased revenues by a whopping 26% for the quarter, with same store results increasing over 7%.

All in the plan according to Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents

 "This record growth is in line with our expectations," said Mr. Loudermilk. "We are especially pleased with the revenue growth of our new stores opened during the last several years, including the 117 additional stores opened during the record expansion of 2001".

It is hard enough to raise revenues...but to raise revenues while reducing debt by over 30%...

"We achieved this record growth during the first quarter while at the same time reducing our bank debt by $22 million, or over 30%, from the levels at the end of 2001. We feel this is remarkable performance."

Remarkable indeed. As reported here months ago, Aaron's renewed focus, combined with the purchase of the Heilig Myers leases will make Aaron's "the one to watch" for the next few years.

See the complete earnings release here.
Aaron Rents, Inc. Reports First Quarter Results; Sees Continuing Strong Growth

Don't forget to listen in to the earnings conference call here.
 

Check back here friday for our report on the earnings conference call.

end

Home