By Ben Glickman
The Aaron’s Co.’s third-quarter loss narrowed as it logged lower sales.
The Atlanta-based lease-to-own retailer on Monday posted a loss of $4.1 million, or 13 cents a share, compared with a loss of $15.6 million, or 51 cents a share, a year earlier. Analysts polled by FactSet expected a per-share profit of two cents.
Stripping out certain one-time items, adjusted per-share earnings came to one cent, below the seven cents forecast by analysts, according to FactSet.
Revenue fell 11% to $525.7 million, missing the $536.1 million expected by analysts polled by FactSet.
The company said the drop in sales was caused by lower lease revenue and fees and weaker sales at the Aaron’s business and BrandsMart.
The retailer’s loss, which included a restructuring charge of $2.7 million, narrowed due to lower operating expenses.
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