PR Newswire
ATLANTA, Ga. , May 6, 2024 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its first quarter 2024 financial results. Highlights of those results and the 2024 outlook are included below, in the attached supplement, and at investor.aarons.com .
First Quarter 2024 Consolidated Results:
- Revenues were $511.5 million
- Adjusted EBITDA 1 was $22.7 million
- Loss per share was $0.46 ; Non-GAAP loss per share 1 was $0.15
- Reaffirms full year 2024 outlook for revenue and adjusted EBITDA and raises outlook for non-GAAP EPS on lower estimated tax rate
Key Business Highlights 2 :
- Aaron's Business recurring revenue written increased 2.3% driven by 6.8% growth in lease merchandise deliveries
- E-commerce recurring revenue written increased 94.1% benefiting from new omnichannel lease decisioning and customer acquisition program
- Lease portfolio size ended Q1 down 4.8% year-over-year, a sequential improvement of 220 basis points from the end of Q4 2023
- Same store 3 lease portfolio size ended Q1 down 1.4% year-over-year, a sequential improvement of 300 basis points from the end of Q4 2023
- Positive momentum continued into April with lease merchandise deliveries up 18.6% driven by e-commerce growth of 116.3%
- Write-offs were 5.9%; expect full year write-offs in line with guidance of 6% to 7%
- BrandsMart comparable sales decreased 9.4%, a sequential improvement of 460 basis points
- Announced quarterly cash dividend of $0.125 per share to be paid on July 3, 2024
Full Year 2024 Consolidated Outlook:
- Revenues of $2.055 billion to $2.155 billion
- Adjusted EBITDA 1 of $105.0 million to $125.0 million
- Non-GAAP Diluted EPS 1 of $0.00 to $0.25
The Company will host an earnings conference call tomorrow, May 7, 2024, at 8:30 a.m. ET . Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall . A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/241854235 . A transcript of the webcast will also be available at investor.aarons.com .
About The Aaron's Company, Inc.
Headquartered in Atlanta , The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A. , BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,220 Company-operated and franchised stores in 47 states and Canada , as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with 11 retail stores in Florida and Georgia , as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com , aarons.com , and brandsmartusa.com .
____________________ |
|
1. |
Item is a Non-GAAP financial measure. Refer to the "Use of Non-GAAP Financial Information" and supporting reconciliation tables in the attached supplement. |
2. |
Comparisons are to the prior year period unless otherwise noted. Key operating metrics do not include BrandsMart Leasing. |
3. |
With respect to any metric, "same store" includes all stores open for the 15-month period ended March 31, 2024, excluding stores that received lease agreements from other acquired, closed or merged stores. |
View original content to download multimedia: https://www.prnewswire.com/news-releases/the-aarons-company-inc-reports-first-quarter-2024-financial-results-reaffirms-revenue-and-adjusted-ebitda-outlook-raises-non-gaap-eps-outlook-302137219.html
SOURCE The Aaron's Company, Inc.