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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.
Rent-A-Center, Inc. (NASDAQ: RCII) has announced a quarterly cash dividend of $0.31 for Q4 2021. The dividend is set to be paid on October 19, 2021, to stockholders on record by the close of business on September 28, 2021. This decision reflects the company’s commitment to providing value to its investors while continuing to offer technology-driven leasing solutions to underserved consumers. Rent-A-Center utilizes a flexible, omni-channel business model to enhance consumer access to durable goods.
Home Choice Store has reopened in Minneapolis, offering residents access to furniture, appliances, and electronics. Located at 2208 East Lake Street, the store will celebrate its grand reopening on Sept. 16, with a ribbon-cutting ceremony. Home Choice will donate $1,000 to Second Harvest Heartland, a local food bank, as part of its community initiative. This location contributes to Rent-A-Center's (NASDAQ: RCII) 17 stores in Minnesota and will be open daily from 10 a.m. to 7 p.m. on weekdays and 9 a.m. to 6 p.m. on Saturdays.
Rent-A-Center (NASDAQ: RCII) partners with Scholarship America to award $100,000 in scholarships via the Make A Difference Scholarship program, assisting students with higher education expenses. This initiative marks the 17th year of partnership and enables 40 students to receive $2,500 each. Selection criteria included academic performance, leadership, community involvement, and personal circumstances. CEO Mitch Fadel emphasized the company's commitment to enriching youth lives through education opportunities, reflecting its values.
Rent-A-Center (NASDAQ: RCII) announced participation in the 6th Annual Wells Fargo FinTech & Technology Services Forum on August 11, 2021. Key management, including CEO Mitch Fadel and CFO Maureen Short, will host meetings with investors. Following the February acquisition of Acima Holdings, Rent-A-Center is transforming into a leader in virtual lease-to-own solutions. The company recently reported strong second-quarter results, raising its 2021 guidance and authorizing a $250 million share repurchase. For more details, visit Rentacenter.com.
Rent-A-Center (NASDAQ: RCII) reported strong second quarter results for 2021, with consolidated revenues reaching $1.2 billion, a 74.6% year-over-year increase. This growth is primarily attributed to the acquisition of Acima Holdings. GAAP net income rose to $61.3 million, up from $38.5 million a year earlier, while adjusted earnings per share climbed to $1.63. The Company increased its 2021 guidance, expecting consolidated revenues between $4.550 and $4.670 billion. A new $250 million share repurchase program was also authorized, reflecting the Company’s strong financial position.
Acima, a virtual lease-to-own fintech business of Rent-A-Center (NASDAQ: RCII), has launched innovative LTO technologies aimed at enhancing shopping for underserved consumers. These include the Acima Mobile App, which offers instant access to the LTO network, the Acima Marketplace for diverse online retail options, and the first-of-its-kind Acima Browser Extension for seamless transactions. With a projected total addressable market near $100 billion, Acima is set to revolutionize online shopping accessibility, particularly for cash and credit constrained consumers.
Rent-A-Center, Inc. (NASDAQ: RCII) will host a conference call on August 5 at 8:30 a.m. ET to discuss its second-quarter results, which will be released after market close on August 4. U.S. and Canadian residents can dial (800) 399-0012 to participate, while international callers can use (404) 665-9632. A live webcast and investor presentation will be available on the company's investor relations website, where a replay will be accessible starting August 5 at 11:30 a.m. ET.
Rent-A-Center (NASDAQ: RCII) has announced a $50,000 donation to the American Red Cross for disaster relief, totaling $100,000 this year. The company emphasizes its commitment to supporting families in need through its charitable initiatives, particularly in the wake of the COVID-19 pandemic and natural disasters. The American Red Cross has expressed gratitude for Rent-A-Center's seven-year partnership, highlighting the company's role in aiding those affected by disasters such as home fires and floods. Rent-A-Center aims to uplift communities by enhancing access to essential goods.
Rent-A-Center, Inc. (RCII) has launched its annual Spring for Kids campaign, raising funds for Boys & Girls Clubs of America (BGCA). Employees generated $70,000 nationwide, with a total contribution nearing $175,000 after company matching. The campaign aims to support youth empowerment, particularly in the wake of pandemic-induced challenges. CEO Mitch Fadel emphasized the importance of community support, stating their commitment to aid children and families recovering from hardships.
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