US specialty retailer Aaron's Q1 FY21 sales jump 11% to $481 mn

28 Apr '21

1 min read

Pic: Aaron's

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 11.1 per cent revenue growth to $481.1 million in its first quarter (Q1) FY21 ended on March 31, 2021, compared to the revenues of $432.8 million in the same period previous fiscal. The company’s net earnings for the period was $36.2 million (Q1 FY20: loss $323.7 million).

“We are very pleased to announce a strong start to 2021,” Douglas Lindsay, chief executive officer of The Aaron's Company, said in a press release. “Customer deliveries and payment activity in the quarter were robust, and the size of our lease portfolio continues to grow compared to the prior year period.”

Gross profit during Q1 FY21 was $303.0 million ($267.2 million). Operating expenses were $254.5 million ($731.9 million), while operating profit was $48.6 million (operating loss: $464.7 million). E-commerce revenues for the period grew 42 per cent compared to the prior year quarter.

“Our operations teams are energised and are executing at a high level, and our key strategic priorities continue gaining momentum. We are making investments in industry-leading technology, analytics-driven marketing programmes, and our rapidly growing e-commerce channel,” Lindsay said.

Fibre2Fashion News Desk (JL)

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