6.4% sales rise in Aaron's Q2 FY20

31 Jul '20

1 min read

Pic: Aaron's

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 6.4 per cent revenue growth to $1.03 billion during its second quarter (Q2) fiscal 2020 compared to the revenues of $968.1 million in same period last year. Net earnings for the quarter ended on June 30, 2020 rose to $68.4 million (Q2 FY19: $42.7 million).

"The company's second quarter results significantly exceeded our expectations as we managed the business through the uncertainty caused by the Covid-19 pandemic. Progressive's results were favourably impacted by improving invoice growth throughout the quarter, operating expense management and strong customer payment activity,” John Robinson, chief executive officer of Aaron's, said in a press release.

Operating expenses for Q2 FY20 were $343.8 million ($383.5 million). Company’s operating profit were $93.4 million ($59.8 million). Earnings before income taxes were $32.0 million.

Leasing revenues and fees for the reported quarter were $969.9 million ($907.5 million). Retail sales jumped to $14.0 million ($8.9 million) while non-retail sales were $33.0 million ($34.1 million).

For the third quarter fiscal 2020, company expects its consolidated revenues between $950 million and $975 million.

Fibre2Fashion News Desk (JL)

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