The Aaron's Company, Inc. Reports Third Quarter 2022 Financial Results, Raises Midpoint of Full Year Outlook
ATLANTA, Oct. 24, 2022 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its third quarter 2022 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results are included below and in the attached supplement.
Revenues were $593.4 million, an increase of 31.2%, benefiting from the BrandsMart acquisition
Net loss was $15.6 million; Adjusted net earnings1 were $9.7 million
Adjusted EBITDA1 was $35.2 million, a decrease of 34.3%
Loss per share was $0.51; Non-GAAP EPS1 was $0.31
Aaron's Business same-store revenues decreased 7.7% compared to an increase of 4.6% in the prior year quarter
BrandsMart product sales2 decreased 0.5% compared to an increase of 9.6% in the prior year quarter
E-commerce revenue grew year-over-year by 11.1% at the Aaron's Business and by 18.0% at BrandsMart2
The Aaron's Business opened its 200th GenNext location in October
Aaron's will host an earnings conference call tomorrow, October 25, 2022, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/576928281. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,300 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is our furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
Item is a Non-GAAP financial measure. Refer to the "Use of Non-GAAP Financial Information" and supporting reconciliation tables in the attached supplement.
This metric is unaudited and includes a comparison to a period in which the BrandsMart business was not owned by The Aaron's Company, Inc.
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SOURCE The Aaron's Company, Inc.