Rent-A-Center Earnings Up with Fewer Stores
After closing 315 stores over the past year, Rent-A-Center saw its sales decline 2 percent to $699.8 million in the company's fourth quarter. The Plano, Texas-based company, still the nation's largest rental firm with more than 3,000 locations, posted a profit of $36.1 million versus a loss of $5.4 million a year earlier.
The company, which said its profit was aided by litigation credits and less debt, said same-store sales were flat in the quarter that ended Dec. 31.
For the year, revenues totaled $2.884 billion, a decrease of $22 million from the previous year, as the store count was reduced and same-store sales rose 2.3 percent. Net earnings were $139.6 million, up from $76.4 million a year earlier.