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Rent-A-Center Q1 profit falls 7.6% YOY

Rent-A-Center Inc. said its normalized net income for the first quarter amounted to 52 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS fell 8.3% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $27.9 million, a decline of 7.6% from $30.2 million in the year-earlier period.

The normalized profit margin declined to 3.2% from 3.6% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to $877.6 million from $828.5 million, and total operating expenses rose 6.7% year over year to $820.6 million from $769.0 million.

Reported net income totaled $27.2 million, or 51 cents per share, compared to $27.0 million, or 51 cents per share, in the prior-year period.