PLANO, TX-Rent-A-Center's same-store sales fell 1.8% year over year during its third quarter due to overall economic pressure, executives say. However, October sales momentum has improved, says Mark Speese, the company's chairman and CEO.
“I am cautiously optimistic that most of our shakeup in regards to our customers has taken place,” he says. Management predicts that same-store sales will come in flat during the fourth quarter.
The company's total revenues in its Q3 shot up 20.9%, to $709.7 million, due to its acquisition last year of 784 Rent-Way stores for $567 million. Due to the purchase, the chain consolidated 24 stores during the quarter and opened 10 new units, giving it a net reduction of 14 locations.
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