Aaron's FY20 sales fall 2.8% to $1.73 bn

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 2.8 per cent revenue decline to $1.73 billion during its full fiscal 2020 ended on December 31, 2020, compared to the revenues of $1.78 billion in the previous fiscal. Company incurred a net loss for the quarter to $265.91 million (FY19: net earnings $28.09 million).

 

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 2.8 per cent revenue decline to $1.73 billion during its full fiscal 2020 ended on December 31, 2020, compared to the revenues of $1.78 billion in the previous fiscal. Company incurred a net loss for the quarter to $265.91 million (FY19: net earnings $28.09 million).#

“We are pleased to announce another quarter of solid financial results to conclude a strong year for Aaron's,” Douglas Lindsay, chief executive officer of Aaron's, said in a press release.

 

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 2.8 per cent revenue decline to $1.73 billion during its full fiscal 2020 ended on December 31, 2020, compared to the revenues of $1.78 billion in the previous fiscal. Company incurred a net loss for the quarter to $265.91 million (FY19: net earnings $28.09 million).#

Gross profit during FY20 was $1.08 billion ($1.11 billion). Operating expenses rose to $1.46 billion ($1.06 billion), while operating loss was $386.0 million (operating profit: $47.3 million).

 

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 2.8 per cent revenue decline to $1.73 billion during its full fiscal 2020 ended on December 31, 2020, compared to the revenues of $1.78 billion in the previous fiscal. Company incurred a net loss for the quarter to $265.91 million (FY19: net earnings $28.09 million).#

Lease and retail revenues for the year was $1.57 billion ($1.60 billion). Non-retail sales were down to $127.65 million ($149.95 million).

 

Aaron's, a US-based leading omnichannel provider of lease-purchase solutions, reported 2.8 per cent revenue decline to $1.73 billion during its full fiscal 2020 ended on December 31, 2020, compared to the revenues of $1.78 billion in the previous fiscal. Company incurred a net loss for the quarter to $265.91 million (FY19: net earnings $28.09 million).#

“We believe our investments in customer servicing platforms, decisioning technologies, new store formats and fast-growing e-commerce channel are delivering positive momentum in financial performance and lease portfolio growth,” Lindsay said. “We remain focused on executing our key strategic priorities: simplifying and digitising the customer experience; aligning our store footprint to the customer opportunity; and promoting the Aaron's value proposition of low payments, high approval rates, and best-in-class service.”