ATLANTA — Releasing its first quarter earnings report, The Aaron’s Co. posts a loss in revenues and earnings year-over-year for the period ended March 31.
Consolidated revenues dropped 7.7% from the first quarter of 2023, reaching $511.5 million for this year’s period. The company attributed the loss primarily due to lower lease revenues and fees at Aaron’s Business and lower retail sales at BrandsMart.
The company also reported a net loss of $14.2 million, compared with net income of $12.8 million. The 2024 period included restructuring charges of $7.9 million, intangible amortization expense of $2.5 million, stock compensation expense of $2.7 mill and BrandsMart acquisition-related costs of $900,000.
EBITDA was down 50.4% from the year-ago period, at $22.7 million compared with $45.9 million a year ago.
As of March 31, the company had cash and cash equivalents of $41 million and debt of $212.9 million. It ended the quarter with $211 million available in its $275 million revolving credit facility.
CEO Douglas Lindsay noted in the earnings release that the first quarter results were in line with its guidance. Currently, for the full fiscal year, Aaron’s is maintaining its outlook for revenues of $2.055 billion to $2.155 billion and lowering its outlook to a net loss between $7 million and $19 million.