Business
Rent-A-Center, Inc. Reports Second Quarter 2020 Results
Consolidated Revenues of $684M, up 4.2% Diluted EPS $0.70; Non-GAAP Diluted EPS $0.80, up 33% Rent-A-Center Business Same Store Sales up 7.8%; Two-Year Same
About this update from Upbound Group, Inc.
[{"type":"text","content":"\nConsolidated Revenues of $684M, up 4.2%\n\n\nDiluted EPS $0.70; Non-GAAP Diluted EPS $0.80, up 33%\n\n\nRent-A-Center Business Same Store Sales up 7.8%; Two-Year Same Store Sales up 13.4%\n\n\nPreferred Lease Invoice Volume up 25%\n\n PLANO, Texas--(BUSINESS WIRE)--\nRent-A-Center, Inc. (the \"Company\" or \"Rent-A-Center\") (NASDAQ/NGS: RCII) today announced results for the quarter ended June 30, 2020.\n\n\n“Second quarter performance significantly exceeded expectations,\" said Mitch Fadel, Chief Executive Officer. ”We called on every part of the organization to meet the immediate challenges brought by the pandemic, and our agility, speed, and execution paid off. We are on track to deliver revenue, Adjusted EBITDA, and Non-GAAP Diluted EPS for 2020 within the original guidance ranges we outlined at the beginning of the year prior to the pandemic, and are increasing our previous free cash flow guidance.\"\n\n\n“The results underscore the critical role we serve for customers, and the strides we're making to improve their experience should benefit Rent-A-Center for years to come,\" continued Mr. Fadel.\n\n\n\"The Rent-A-Center Business achieved its strongest Adjusted EBITDA margin in several years, driven by operating expense control, share gains from a pullback in traditional lending and further adoption of e-commerce and digital payments,\" said Mr. Fadel. \"Same-store sales were positive in each month of the quarter, with furniture and appliance sales back to pre-pandemic trends.\"\n\n\n\"Preferred Lease generated 25% growth in invoice volume despite extensive store closures in the second quarter, with a strong acceleration in May and June,\" continued Mr. Fadel. \"The mix of high-quality customers should continue to drive revenue and portfolio performance, and we're excited about investments we've made to drive national account growth and introduce more verticals to our best-in-class model.\"\n\n\nMr. Fadel concluded, \"We believe the changes to the way our customers live and work are here to stay. Our focus will remain on strategically managing our business to increase value for customers and retail partners. We'll continue to use and enhance technology to deepen our engagement and believe our resilient model and focus on innovation position us well for what's ahead. None of this would be possible without the strong dedicat...