Aaron's, Inc. is a lease-to-own retailer. It was founded by John M. Glenn in 1955.[1] The company focuses on furniture, electronics, appliances, computer leases and retail sales. The company is divided into three major divisions: sales and lease ownership; corporate furnishings; and manufacturing. The incorporation of manufacturing as well as retailing makes the company vertically integrated.
As of 11 June 2010, Aaron's, Inc. has 1723 locations, broken down as follows:
1094 company-owned sales and lease ownership stores
11 Rimco stores
7 Franchise Rimco stores
599 Franchised SALO stores
12 Aaron's Office Furniture
This includes the first company owned Canadian store, opened on April 13, 2007 in Windsor, Ontario.
Aaron's delivery truck
In September, 2008 Aaron's announced the sale of its Corporate Furnishings division to CORT Business Services. The Corporate Furnishings division is made up of the company's residential rent-to-rent business, recording revenues of approximately $99 million in 2007. The Corporate Furnishings division operated 47 stores.
"This sale will enable us to focus our resources and energy on growing the Aaron's Sales & Lease Ownership division. With this divesture, we anticipate the Company will record increased revenue and earnings growth rates in future periods," said Robert C. Loudermilk, Jr., President and Chief Executive Officer of Aaron Rents.
Aaron's Inc. (Aaron’s), formerly Aaron Rents Inc, incorporated in 1962, is a specialty retailer of consumer electronics, computers, residential and office furniture, household appliances and accessories. The Company engages in the lease ownership, rental and retail sale of a variety of products, such as widescreen and liquid crystal display (LCD) televisions; computers; living room, dining room and bedroom furniture, and washers, dryers and refrigerators. Aaron offers brands, such as JVC, Mitsubishi, Philips, Panasonic, Sony, Dell, Hewlett-Packard, Simmons, Frigidaire and Sharp. The Company's operates through two divisions: the Aaron's Sales & Lease Ownership division and the MacTavish Furniture Industries division, supplies the majority of the upholstered furniture and bedding leased and sold in its stores. As of December 31, 2009, the Company had 1,679 sales and lease ownership stores, which comprised 1,082 Company-operated stores in 31 states and Canada, and 597 independently owned franchised stores in 48 states and Canada. Included in the sales and lease ownership store counts are 11 Company-operated and seven franchised RIMCO stores, its wheels, tires and accessories sales and lease ownership concept. The Company also has 15 office furniture stores in nine states.
Aaron's Sales & Lease Ownership
The Company's sales and lease ownership division focuses on providing durable household goods to lower to middle income consumers who have limited or no access to traditional credit sources, such as bank financing, installment credit or credit cards. The sales and lease ownership program enables these customers to obtain merchandise without incurring additional debt or long-term obligations.
Aaron’s Office Furniture
The Company’s office furniture division leases and sells new and lease return merchandise to individuals and businesses, with a focus on leasing office furniture to business customers. Business customers, who represent a major portion of lease customers, also enter into lease agreements for office furniture to meet seasonal, temporary or start-up needs. Items held for lease, whether new or lease return, are available for purchase and lease purchase at all corporate furniture stores. Each office furniture store generally offers next day delivery for addresses located within 50 miles of the store.
MacTavish Furniture Industries
The Company manufactures its own furniture. It operates six furniture plants and five bedding facilities. The products manufactured in this division include upholstered living-room furniture, including sofas, sofa beds, chairs and modular sofa, and ottoman collections in a variety of natural and synthetic fabrics, and bedding, including standard sizes of mattresses and box springs. MacTavish also manufactures replacement covers of all styles and fabrics of its upholstered furniture for use in reconditioning lease return furniture.
The Company competes with Rent-A-Center, Inc.
OVERALL
Beta: 0.95
Market Cap (Mil.): $2,330.16
Shares Outstanding (Mil.): 80.29
Annual Dividend: 0.05
Yield (%): 0.18
FINANCIALS
AAN Industry Sector
P/E (TTM): 18.83 1.09 14.13
EPS (TTM): 10.48 -- --
ROI: -- 0.95 1.20
ROE: -- 1.44 2.08
Name Age Since Current Position
Loudermilk, R. Charles 83 2008 Chairman of the Board
Loudermilk, Robert 51 2008 President, Chief Executive Officer, Director
Danielson, Gilbert 64 1998 Chief Financial Officer, Executive Vice President, Director
Butler, William 58 2008 Chief Operating Officer, Director
Cates, James 60 2002 Senior Group Vice President, Corporate Secretary
Paull, Mitchell 52 2005 Senior Vice President - Merchandising & Logistics, Aaron’s Sales & Lease Ownership Division
Trainor, John 38 2010 Vice President, Chief Information Officer
Gibbs, Elizabeth 49 2006 Vice President, General Counsel
Evans, K. Todd 47 2001 Vice President - Franchising
Sinclair, Robert 49 1999 Vice President, Corporate Controller
Benatar, Leo 81 1994 Lead Independent Director
Allen, Ronald 69 1997 Independent Director
Robinson, Ray 63 2002 Independent Director
Kolb, David 72 2003 Independent Director
Schuerholz, John 70 2006 Independent Director
Portman, John 86 2006 Independent Director
Name Title Officer Since
Mr. Robert C. (Robin) Loudermilk, Jr CEO 1/1/83
William K. Butler,Jr COO 1/1/00
Gilbert L. Danielson CFO 1/1/90
John T. Trainor Chief Information Officer -
Robert P. Sinclair,Jr Chief Accounting Officer -
Elizabeth L. Gibbs General Counsel -
James L. Cates Senior VP, Divisional/Secretary -
Mitchell S. Paull Senior VP, Divisional
Contact
309 East Paces Ferry Rd.
N.E. Atlanta
GA 30305
United States
As of 11 June 2010, Aaron's, Inc. has 1723 locations, broken down as follows:
1094 company-owned sales and lease ownership stores
11 Rimco stores
7 Franchise Rimco stores
599 Franchised SALO stores
12 Aaron's Office Furniture
This includes the first company owned Canadian store, opened on April 13, 2007 in Windsor, Ontario.
Aaron's delivery truck
In September, 2008 Aaron's announced the sale of its Corporate Furnishings division to CORT Business Services. The Corporate Furnishings division is made up of the company's residential rent-to-rent business, recording revenues of approximately $99 million in 2007. The Corporate Furnishings division operated 47 stores.
"This sale will enable us to focus our resources and energy on growing the Aaron's Sales & Lease Ownership division. With this divesture, we anticipate the Company will record increased revenue and earnings growth rates in future periods," said Robert C. Loudermilk, Jr., President and Chief Executive Officer of Aaron Rents.
Aaron's Inc. (Aaron’s), formerly Aaron Rents Inc, incorporated in 1962, is a specialty retailer of consumer electronics, computers, residential and office furniture, household appliances and accessories. The Company engages in the lease ownership, rental and retail sale of a variety of products, such as widescreen and liquid crystal display (LCD) televisions; computers; living room, dining room and bedroom furniture, and washers, dryers and refrigerators. Aaron offers brands, such as JVC, Mitsubishi, Philips, Panasonic, Sony, Dell, Hewlett-Packard, Simmons, Frigidaire and Sharp. The Company's operates through two divisions: the Aaron's Sales & Lease Ownership division and the MacTavish Furniture Industries division, supplies the majority of the upholstered furniture and bedding leased and sold in its stores. As of December 31, 2009, the Company had 1,679 sales and lease ownership stores, which comprised 1,082 Company-operated stores in 31 states and Canada, and 597 independently owned franchised stores in 48 states and Canada. Included in the sales and lease ownership store counts are 11 Company-operated and seven franchised RIMCO stores, its wheels, tires and accessories sales and lease ownership concept. The Company also has 15 office furniture stores in nine states.
Aaron's Sales & Lease Ownership
The Company's sales and lease ownership division focuses on providing durable household goods to lower to middle income consumers who have limited or no access to traditional credit sources, such as bank financing, installment credit or credit cards. The sales and lease ownership program enables these customers to obtain merchandise without incurring additional debt or long-term obligations.
Aaron’s Office Furniture
The Company’s office furniture division leases and sells new and lease return merchandise to individuals and businesses, with a focus on leasing office furniture to business customers. Business customers, who represent a major portion of lease customers, also enter into lease agreements for office furniture to meet seasonal, temporary or start-up needs. Items held for lease, whether new or lease return, are available for purchase and lease purchase at all corporate furniture stores. Each office furniture store generally offers next day delivery for addresses located within 50 miles of the store.
MacTavish Furniture Industries
The Company manufactures its own furniture. It operates six furniture plants and five bedding facilities. The products manufactured in this division include upholstered living-room furniture, including sofas, sofa beds, chairs and modular sofa, and ottoman collections in a variety of natural and synthetic fabrics, and bedding, including standard sizes of mattresses and box springs. MacTavish also manufactures replacement covers of all styles and fabrics of its upholstered furniture for use in reconditioning lease return furniture.
The Company competes with Rent-A-Center, Inc.
OVERALL
Beta: 0.95
Market Cap (Mil.): $2,330.16
Shares Outstanding (Mil.): 80.29
Annual Dividend: 0.05
Yield (%): 0.18
FINANCIALS
AAN Industry Sector
P/E (TTM): 18.83 1.09 14.13
EPS (TTM): 10.48 -- --
ROI: -- 0.95 1.20
ROE: -- 1.44 2.08
Name Age Since Current Position
Loudermilk, R. Charles 83 2008 Chairman of the Board
Loudermilk, Robert 51 2008 President, Chief Executive Officer, Director
Danielson, Gilbert 64 1998 Chief Financial Officer, Executive Vice President, Director
Butler, William 58 2008 Chief Operating Officer, Director
Cates, James 60 2002 Senior Group Vice President, Corporate Secretary
Paull, Mitchell 52 2005 Senior Vice President - Merchandising & Logistics, Aaron’s Sales & Lease Ownership Division
Trainor, John 38 2010 Vice President, Chief Information Officer
Gibbs, Elizabeth 49 2006 Vice President, General Counsel
Evans, K. Todd 47 2001 Vice President - Franchising
Sinclair, Robert 49 1999 Vice President, Corporate Controller
Benatar, Leo 81 1994 Lead Independent Director
Allen, Ronald 69 1997 Independent Director
Robinson, Ray 63 2002 Independent Director
Kolb, David 72 2003 Independent Director
Schuerholz, John 70 2006 Independent Director
Portman, John 86 2006 Independent Director
Name Title Officer Since
Mr. Robert C. (Robin) Loudermilk, Jr CEO 1/1/83
William K. Butler,Jr COO 1/1/00
Gilbert L. Danielson CFO 1/1/90
John T. Trainor Chief Information Officer -
Robert P. Sinclair,Jr Chief Accounting Officer -
Elizabeth L. Gibbs General Counsel -
James L. Cates Senior VP, Divisional/Secretary -
Mitchell S. Paull Senior VP, Divisional
Contact
309 East Paces Ferry Rd.
N.E. Atlanta
GA 30305
United States