Rent-A-Center, Inc. Announces Selected Preliminary Fourth Quarter 2016 Financial Information
As of the date of this release, the Company has not completed its financial statement reporting process for the quarter. During the course of that process, the Company may identify items that would require it to make adjustments, which may be material, to the information presented below. As a result, the preliminary unaudited financial information included in this release is forward-looking information and is subject to risks and uncertainties, including possible adjustments to the preliminary financial information.
Preliminary Unaudited Financial Information for Fourth Quarter 2016
The Company estimates Core U.S. same store sales for the three months
ended
“The fourth quarter proved to be more challenging than expected,” said
Preliminary Results Conference Call
The Company will hold a conference call today,
Fourth Quarter 2016 Earnings Release and Conference Call Details
The Company expects to release its full fourth quarter 2016 financial
results on
About
A rent-to-own industry leader,
Forward-Looking Statements
This press release and the guidance above contain forward-looking
statements that involve risks and uncertainties. Such forward-looking
statements generally can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "intend," "could,"
"estimate," "should," "anticipate," or "believe," or the negative
thereof or variations thereon or similar terminology. The Company
believes that the expectations reflected in such forward-looking
statements are accurate. However, there can be no assurance that such
expectations will occur. The Company's actual future performance could
differ materially from such statements. Factors that could cause or
contribute to such differences include, but are not limited to: the
general strength of the economy and other economic conditions affecting
consumer preferences and spending; factors affecting the disposable
income available to the Company's current and potential customers;
changes in the unemployment rate; difficulties encountered in improving
the financial and operational performance of the Company's business
segments; failure to manage the Company's store labor (including
overtime pay) and other store expenses; the Company’s ability to develop
and successfully execute strategic initiatives; disruptions caused by
the implementation and operation of the Company's new store information
management system, including capacity-related outages; the Company’s
ability to successfully market smartphones and related services to its
customers; the Company's ability to develop and successfully implement
virtual or e-commerce capabilities; failure to achieve the anticipated
profitability enhancements from the changes to the 90 day option pricing
program and the development of dedicated commercial sales capabilities;
disruptions in the Company's supply chain; limitations of, or
disruptions in, the Company's distribution network; rapid inflation or
deflation in the prices of the Company's products; the Company's ability
to execute and the effectiveness of a store consolidation, including the
Company's ability to retain the revenue from customer accounts merged
into another store location as a result of a store consolidation; the
Company's available cash flow; the Company's ability to identify and
successfully market products and services that appeal to its customer
demographic; consumer preferences and perceptions of the Company's
brand; uncertainties regarding the ability to open new locations; the
Company's ability to acquire additional stores or customer accounts on
favorable terms; the Company's ability to control costs and increase
profitability; the Company's ability to retain the revenue associated
with acquired customer accounts and enhance the performance of acquired
stores; the Company's ability to enter into new and collect on its
rental or lease purchase agreements; the passage of legislation
adversely affecting the rent-to-own industry; the Company's compliance
with applicable statutes or regulations governing its transactions;
changes in interest rates; adverse changes in the economic conditions of
the industries, countries or markets that the Company serves;
information technology and data security costs; the impact of any
breaches in data security or other disturbances to the Company's
information technology and other networks and the Company's ability to
protect the integrity and security of individually identifiable data of
its customers and employees; changes in the Company's stock price, the
number of shares of common stock that it may or may not repurchase, and
future dividends, if any; changes in estimates relating to
self-insurance liabilities and income tax and litigation reserves;
changes in the Company's effective tax rate; fluctuations in foreign
currency exchange rates; the Company's ability to maintain an effective
system of internal controls; the resolution of the Company's litigation;
and the other risks detailed from time to time in the Company's
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Source:
Rent-A-Center, Inc.
Maureen Short, 972-801-1899
Interim
CFO
maureen.short@rentacenter.com