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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.
Acima Leasing, a subsidiary of Rent-A-Center (NASDAQ: RCII), has entered a multi-year agreement with Sleep Outfitters to be the exclusive lease-to-own platform for their e-commerce site and over 120 stores across 10 states. This partnership aims to enhance consumer access to top bedding brands like Sealy and Tempur-Pedic, promoting shopping flexibility, especially for those with less-than-perfect credit histories. The agreement is seen as a strategic move to expand lease-to-own solutions in the retail sector, thus supporting both merchants and consumers.
Rent-A-Center, a leader in flexible leasing solutions, announced that CEO Mitch Fadel and CFO Fahmi Karam will participate in a Fireside Chat at the 2022 Stephens Annual Investment Conference. This event takes place on November 15 at 9:00 AM ET in Nashville, TN. A webcast of the presentation will be available at investor.rentacenter.com. Rent-A-Center provides no debt obligation leasing solutions and has developed an Omni-channel model to enhance consumer access to durable goods.
Rent-A-Center announced third-quarter results with a total revenue of $1.024 billion, a 13.3% decrease year-over-year. The company reported a GAAP diluted loss per share of $0.10 and a non-GAAP diluted EPS of $0.94. Cash from operations was $412 million year-to-date, with $363 million in free cash flow and $75 million in shares repurchased. The company expects fourth-quarter guidance with revenues of $0.975 - $1.025 billion and adjusted EBITDA between $95 million - $110 million.
Rent-A-Center, Inc. (NASDAQ: RCII) will host a conference call on November 3 at 8:30 a.m. ET to discuss Q3 results, released after market close on November 2. Participants can access the call via a registration link or on its investor relations website.
Rent-A-Center (NASDAQ: RCII) announced that Fahmi Karam will become Executive Vice President and CFO on October 31, 2022, following Maureen Short's departure on September 28, 2022. Karam, with over 20 years of finance experience, previously served as CFO of Santander Consumer USA. The company updated its Q3 2022 guidance, projecting revenues of $1.000–$1.020 billion and adjusted EBITDA of $110–$120 million, reflecting declining retail traffic and customer payment behavior due to worsening economic conditions.
Rent-A-Center, Inc. (NASDAQ: RCII) has declared a quarterly cash dividend of
Rent-A-Center, Inc. (NASDAQ: RCII) held its annual Spring for Kids fundraising campaign, raising a total of $143,377.60 for the Boys & Girls Clubs of America. The campaign saw participation from employees across the U.S. and Puerto Rico, with notable contributions of $8,793.10 from the Plano office and $8,879.70 from the Salt Lake City office. Over the past two years, Rent-A-Center has raised more than $314,000 for youth empowerment initiatives. This partnership emphasizes the company's commitment to community service, especially as families recover from pandemic challenges.
Rent-A-Center has donated $25,000 to support the Team Eastern Kentucky Flood Relief Fund in response to the severe flooding in Kentucky. This initiative aligns with the company's commitment to disaster relief and community support, particularly in areas where it operates over 50 stores. Anthony Blasquez, EVP of Operations, expressed hope that the donation will aid in local rebuilding efforts. The affected regions primarily include customers and co-workers of Rent-A-Center’s franchisee, The Raintree Group Inc., which has served the community for 38 years.
Rent-A-Center has opened a new store in Riverdale, Georgia, providing residents with access to furniture, appliances, electronics, and computers. The grand opening event will take place on August 13 at 11 a.m. EDT, featuring a chance to win an 85” Samsung Crystal UHD TV worth $1,399.99. Additionally, the store will donate $1,000 to a local organization, Triumph in Life Inc., supporting underserved communities. Rent-A-Center now operates 51 locations in Georgia, with hours set from 10 a.m. to 6 p.m. Monday to Saturday.
Rent-A-Center has opened a new store at 558 W 181st Street in New York's Washington Heights. The grand opening event is scheduled for Friday, Aug. 12, at 11 a.m. EDT, featuring the chance to win an 85” Samsung Crystal UHD TV valued at $1,399.99. The new location aims to provide quality leasing options for furniture, appliances, and electronics to underserved consumers. Additionally, Rent-A-Center will donate $1,000 each to Amigos del Orfanato, Inc. and the Boys and Girls Club Mission to support community initiatives.
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