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The Aaron's Company, Inc. (NYSE: AAN) is a premier specialty retailer and omnichannel provider of lease-to-own and retail purchase solutions. Headquartered in Atlanta, Aaron's operates approximately 1,220 company-operated and franchised stores across 47 states in the U.S. and Canada, along with a robust e-commerce platform. Founded in 1955 and publicly traded since 1982, Aaron's serves moderate-income consumers by offering affordable payment plans and quality merchandise, including furniture, electronics, appliances, and accessories.
Aaron's operates through two main business segments: Aaron's Business and BrandsMart. Aaron's Business provides a direct-to-consumer lease-to-own solution through its extensive network of stores and online channels. The recent GenNext store initiative is transforming the in-store customer experience with larger showrooms, updated layouts, and enhanced technology-enabled shopping and checkout processes. As of 2024, Aaron's has opened 249 GenNext stores.
In April 2022, Aaron's acquired BrandsMart U.S.A., one of the leading appliance and electronics retailers with 11 stores in Florida and Georgia. This acquisition enhances Aaron's market presence and offers customers a wide assortment of products at competitive prices. Additionally, BrandsMart Leasing provides lease-to-own options to BrandsMart U.S.A. customers, further expanding Aaron's reach.
Aaron's financial performance demonstrates its resilience and strategic growth. In 2023, Aaron's reported a revenue of $2.14 billion, despite facing market challenges. The Company continues to optimize its cost structure and improve its lease decision-making processes. Aaron's is committed to returning capital to shareholders, evidenced by its regular quarterly cash dividends.
With a dedicated leadership team, Aaron's is poised for continued growth and innovation. The Company also emphasizes community involvement, supporting initiatives like the Boys and Girls Clubs of Greater Augusta.
For more information about Aaron's, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
The Aaron's Company (NYSE: AAN) reported Q1 2022 earnings, with total revenues of $456.1 million, a 5.2% year-over-year decline. Net earnings dropped to $21.5 million, significantly down from $36.3 million in Q1 2021, influenced by a decrease in lease revenues. Diluted EPS stood at $0.68, down from $1.04. Despite challenges, same-store revenues rose 9.6% on a two-year basis. The company successfully acquired BrandsMart U.S.A., which is expected to enhance revenue and EBITDA growth in the future. The 2022 outlook remains unchanged, forecasting total revenues between $2.32 billion and $2.39 billion.
The Aaron's Company, Inc. (NYSE: AAN) will host a conference call on April 26, 2022, at 8:30 a.m. ET, to discuss its first quarter 2022 financial results. The results will be released before the market opens that day. CEO Douglas A. Lindsay and CFO C. Kelly Wall will lead the call. Participants can join by dialing 1-844-200-6205 (domestic) or 1-929-526-1599 (international), using access code 725745. The call will also be available via the Company's investor relations website, with an archived playback option.
The Aaron's Company (NYSE: AAN) has finalized its acquisition of BrandsMart U.S.A. for $230 million in cash. This strategic move aims to enhance Aaron's mission of providing affordable lease-to-own options and expand its market reach. The acquisition is anticipated to deliver significant revenue growth and double-digit adjusted EBITDA growth over the next five years. In conjunction with the acquisition, Aaron's has updated its credit facilities, establishing a $375 million revolving credit facility and a $175 million term loan, with $117 million already borrowed.
Progressive Leasing has partnered with Nationwide Marketing Group to provide its innovative lease-to-own solutions to thousands of independent retailers. This collaboration allows members exclusive access to Progressive Leasing's flexible payment options, enhancing customer transactions. Retailers can manage their lease-to-own business via the ProgCentral platform, with seamless integration into existing e-commerce setups. The partnership aims to support small and medium-sized retailers, helping them meet consumer demands for transparent payment options and fostering business growth.
The Aaron's Company has increased its share repurchase authorization to $250 million, up from $150 million, and extended its maturity to December 31, 2024. As of March 2, 2022, approximately $147 million is still available under this new plan. The shares may be bought through various methods, with decisions influenced by market conditions and legal requirements. There is no guarantee of the number of shares repurchased, and the program can be extended or discontinued at Aaron's discretion.
The Aaron's Company, Inc. (NYSE: AAN) reported strong financial results for Q4 and full year 2021, with total revenues of $444.8 million (up 3.4%) and $1.85 billion for the year (up 6.4%). Net income for Q4 was $16.3 million, with diluted EPS at $0.50. E-commerce revenues surged by 13% in Q4 and 20.1% for the year. The company announced the acquisition of BrandsMart U.S.A., enhancing its market reach and product offerings. The outlook for 2022 expects total revenues between $1.775 billion and $1.825 billion, with same-store revenues projected to decline between 3.0% and 1.0%.
The Aaron's Company has announced its acquisition of BrandsMart U.S.A. for approximately $230 million in cash, expected to close in Q2 2022. This acquisition aims to enhance Aaron's omnichannel presence, projecting combined annual revenues exceeding $3 billion and $300 million in adjusted EBITDA by 2026. BrandsMart, a leading appliance and consumer electronics retailer, generated revenues of $757 million and adjusted EBITDA of $46 million for the year ending December 2021. The integration is expected to create significant revenue growth and operational synergies.
The Aaron's Company, Inc. (NYSE: AAN) announced a 12.5% increase in its quarterly cash dividend to $0.1125 per share, payable on April 5, 2022, to shareholders of record by March 17, 2022. This marks a rise from the previous dividend of $0.10 per share. Headquartered in Atlanta, Aaron's is known for its lease-to-own and purchase solutions across approximately 1,300 stores in the U.S. and Canada, alongside its e-commerce platform.
The Aaron's Company, Inc. (NYSE: AAN) will host a conference call on February 24, 2022, at 8:30 a.m. ET to discuss its Q4 2021 financial results. The results will be released after market close on February 23, 2022. CEO Douglas A. Lindsay and CFO C. Kelly Wall will lead the call. Participants can join by calling 1-844-200-6205 (internationally at 1-929-526-1599) with access code 423617. The call will also be available via the investor relations website and archived for later playback.
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