Rent-Way Fiscal Q4 Sales Flat
Staff -- TWICE, 10/11/2004
Erie, Pa. — Rent-to-purchase retailer Rent-Way reported preliminary rental business sales of $115.5 million in its fiscal fourth quarter, about flat with the $117.8 million recorded in the same three months last year. Same-store core rental business revenue increased about 3.4 percent in the fourth quarter, compared with 2.5 percent year-over-year.
For the fiscal 12 months, preliminary rental business sales climbed to $478.6 million, down from the $491 million recorded in the previous year. Same-store core rental business revenue increased about 5.2 percent for the year, compared with 0.8 percent in the same 12 months in 2003.
Last year, Rent-Way came in with a net loss of $582,000 for the fourth quarter, compared with a net loss of $7.9 million the previous year. For the 12 months last year, the company took a net loss of $29.4 million, compared with a net loss of $76.5 million a year earlier.
The retailer — which rents-to-own home entertainment equipment, computers, major appliances and furniture — operates 754 stores in 33 states. Its 67-store Florida operation reported losses of $250,000 to $500,000 from recent hurricane damage, but the company does not expect these losses to have substantial impact on fourth-quarter earnings, which will be released in late November or early December.
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