Rent-A-Center reports June core U.S. SSS down 7.7%
Reports June Core U.S. Same Store Sales: (7.7%); Delinquencies: 7.1%, 60 basis points unfavorable versus prior month; Average Monthly Rate of New Agreements: 5.7% favorable versus prior year; Co-worker Turnover: 86.1% and 19.5 percentage points favorable versus prior year. Reports June Acceptance NOW Same Store Sales: 8.6%; Delinquencies: 8.1%, 90 basis points unfavorable versus prior month. In the Core U.S. segment, June same store sales improved sequentially as the initiatives put in place continue to make a positive impact on the size and quality of the rental portfolio. Delinquencies, which were favorable by 410 basis points versus prior year, were higher sequentially primarily due to seasonality. In addition, while there were some calendar differences on a monthly basis throughout the quarter versus prior year, second quarter 2017 same stores sales were approximately 350 basis points ahead of the low point in fourth quarter 2016. In Acceptance NOW, same store sales remain higher than last year due to a larger portfolio in those respective locations. The growth of the portfolio is being aided by a younger, still maturing store base and stronger average ticket driven by actions taken to optimize the value proposition.