BrandsMart Contributed $181.4M in Revenue to Aaron’s Q2 Results
Aaron’s, reporting quarterly results for the first time since closing its $230 million BrandsMart buy April 1 (see 2204010026), said Monday the BrandsMart business contributed $181.4 million in Q2 revenue. BrandsMart's sales were about 7% lower than in the 2021…
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quarter, when BrandsMart was still privately held, said Chief Financial Officer Kelly Wall on a quarterly earnings call Tuesday. "This expected decline was due primarily to the normalization of customer demand following a strong second quarter in 2021, which we believe benefited from last year's government stimulus," said Wall. Aaron's isn't providing same-store sales comparisons for BrandsMart because all BrandsMart stores "have been open for more than 13 months," he said. Aaron’s will continue to invest in BrandsMart, “which we believe is the low price leader and retailer of choice for appliances and consumer electronics in the markets we serve,” said CEO Douglas Lindsay. “This new segment performed well in the second quarter, exceeding our internal expectations and increasing our optimism about the additional value creation opportunities available through this acquisition.”