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Rent-A-Center Inc. (RCII) is a leading rent-to-own company offering flexible leasing options for furniture, appliances, electronics, and computers. Based in Plano, Texas, the company operates through a network of thousands of stores across the United States, Puerto Rico, and Mexico. Rent-A-Center's core business revolves around providing customers with a convenient way to acquire high-quality products without the immediate financial burden of full payment.
Core Business:
Rent-A-Center's primary business model focuses on leasing household goods through a rent-to-own agreement. This allows customers to make affordable payments over time, giving them the option to own the product at the end of the lease term. The company caters to a broad demographic, especially aiming to support those with limited access to credit.
Recent Achievements:
Rent-A-Center has been actively expanding its digital and e-commerce capabilities, enhancing its online presence to serve a wider audience. The company has also made significant strides in improving its customer service and operational efficiency. These efforts aim to provide a seamless shopping experience both online and in-store.
Current Projects:
The company is investing in technology to streamline operations and improve customer engagement. This includes upgrading its e-commerce platform and integrating advanced analytics to better understand customer needs and preferences. Rent-A-Center is also focusing on sustainability initiatives, such as offering energy-efficient appliances and promoting eco-friendly products.
Financial Condition:
According to the latest financial reports, Rent-A-Center has shown steady growth in revenue and profitability. The company's strategic initiatives in cost management and market expansion have contributed to its robust financial health. Rent-A-Center continues to maintain a strong balance sheet with manageable debt levels.
Partnerships and Products:
Rent-A-Center has established partnerships with leading manufacturers and brands to offer a diverse range of products. These include top names in electronics, home appliances, and furniture, ensuring customers have access to the latest and most reliable products available.
With its commitment to affordability, customer service, and innovation, Rent-A-Center remains a significant player in the rent-to-own industry, providing valuable solutions for consumers seeking flexible leasing options.
Upbound Group, Inc. (formerly Rent-A-Center) reported a Q4 2022 revenue of $990 million, down 15.4% YoY, and full-year revenue of $4.2 billion, down 7.4%. Q4 GAAP EPS was $0.05, a decline from $0.15 in Q4 2021, while non-GAAP EPS was $0.86, down from $1.08. Despite challenges like inflation, the company's initiatives in automation and data analytics aim to improve performance. The corporate name change to Upbound Group reflects a new strategy to unify its services. Key management changes include new executives in finance and technology roles. Guidance for 2023 projects revenue between $3.8 to $4.0 billion.
Rent-A-Center, Inc. has rebranded as Upbound Group, Inc., effective February 27, 2023, and will trade under the ticker UPBD. This change reflects the Company's evolution into an omni-channel platform that offers a broader range of financial solutions. Since acquiring Acima Holdings two years ago, Rent-A-Center has expanded significantly, integrating various consumer brands. Upbound aims to leverage existing resources to innovate and provide inclusive financial services through its established brands, including Rent-A-Center and Acima, which have over 2,400 retail locations across the U.S., Mexico, and Puerto Rico.
Rent-A-Center, Inc. (NASDAQ: RCII) has announced it will report its fourth quarter and full year 2022 financial results on February 23, with a conference call scheduled for 9:00 a.m. ET to discuss these results. Interested parties can join the call through a registration link and a live webcast will also be available. A replay of the conference call will start at 1:00 p.m. ET on the same day.
Rent-A-Center has opened a new location at 4451 N 26th St., Ste. 1000, Lincoln, Nebraska. The grand opening is set for Saturday, Jan. 7, at 1 p.m. CST, featuring a chance to win an 85” Samsung TV valued at $1,399.99. The company will also donate $2,000 to the Food Bank of Lincoln. Rent-A-Center aims to enhance community access to quality durable goods through flexible leasing solutions. With this addition, the company now operates six stores in Nebraska, open Monday through Saturday from 10 a.m. to 6 p.m.
Rent-A-Center, Inc. (NASDAQ: RCII) has donated $100,000 to the American Red Cross for disaster relief across the U.S. This initiative underlines the company's commitment to assist families during challenging times. Rent-A-Center's EVP, Anthony Blasquez, emphasized their role in providing essential products during disasters. The company's partnership with the Red Cross has earned it recognition as a Gold Partner in the North Texas region's Ready 365 Giving Circle, showcasing its dedication to community support and recovery efforts.
Rent-A-Center, Inc. (NASDAQ: RCII) has announced a quarterly cash dividend of $0.34 for Q1 2023. This dividend will be paid on January 10, 2023, to stockholders of record as of the close of business on December 20, 2022. With a focus on providing technology-driven leasing solutions, Rent-A-Center aims to enhance the quality of life for underserved consumers.
Rent-A-Center has opened a new store in Queens, New York, at 16805 Jamaica Avenue. The grand opening event will be held on December 10 at 11 a.m. EST, featuring a free giveaway of an 85” Samsung TV valued at $1,399.99. The store aims to enhance community access to high-quality furniture and appliances. Additionally, Rent-A-Center will donate $1,000 to Project Hope, a local non-profit assisting low-income families. With 129 locations in New York, the store will operate Monday to Saturday from 10 a.m. to 6 p.m.
Rent-A-Center (NASDAQ: RCII) announced an exclusive partnership with CITY Furniture, appointing Acima Leasing as the lease-to-own provider for its e-commerce platform and 23 showrooms in Florida. This collaboration aims to enhance consumer flexibility during economic challenges. Acima's technology offers a straightforward application process for consumers, promoting accessibility to high-quality goods without long-term debt commitments. The partnership is positioned as a strategic move to meet changing consumer needs in the current retail landscape.
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