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Rent-A-Center profit misses consensus by 17.3% in Q2

Rent-A-Center Inc. said its second-quarter normalized net income was 41 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS fell 18.9% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $21.7 million, a decline of 18.8% from $26.8 million in the prior-year period.

The normalized profit margin dropped to 2.9% from 3.3% in the year-earlier period.

Total revenue fell 8.1% year over year to $749.6 million from $815.3 million, and total operating expenses declined 7.5% from the prior-year period to $703.2 million from $760.5 million.

Reported net income declined 55.8% from the prior-year period to $10.1 million, or 19 cents per share, from $22.9 million, or 43 cents per share.