Aaron’s Q2 profits slump; COO retires

Atlanta – A variety of costs drove net earnings for the second quarter of fiscal 2014 at Aaron’s Inc. down 67% to $8.5 million from $25.9 million in the same period a year earlier. Expenses related to Aaron’s April 2014 purchase of lease-to-own company Progressive Finance Holdings, as well as advisory and strategic costs and costs related to store closures, impacted net earnings.



However, the addition of Progressive Finance revenue, partially offset by declining core business revenue, helped increase revenue 22% to $672.5 million compared to $550.5 million for second quarter 2013. Same-store sales dropped 3%.



In addition, Dave Buck, 64, will retire as COO of Aaron’s after a 25-year career there. Effective Aug. 1, senior VP operations Tristan Montanero and Michael P. Ryan will be co-leaders of operations at Aaron's, with Ryan being promoted to senior VP operations from VP franchising. Aaron's named Scott Harvey, former VP operational support, to succeed Michael P. Ryan as the VP franchising.