Aaron's Company plunges after annual forecast cut

Aaron's

26/07/2022 14:19

** Shares of lease-to-own furniture retailer Aaron's Company
 AAN.N  down 16.3% at $12.97 before the bell
    ** Co lowers FY 2022 outlook for revenue to $2.19 bln-$2.27
bln from $2.32 bln-$2.39 bln 
    ** Cuts adj. earnings per share forecast to $1.75-$2.15 from
$2.65-$2.90  urn:newsml:reuters.com:*:nPn2jh69ja
    ** Updated annual outlook reflects expectations that
persistent high inflation and related macroeconomic factors will
adversely impact customer demand, company expenses
    ** Co posts Q2 loss of $5.3 million compared with a profit
of $33.0 million a year earlier
    ** Revenue from Aaron's Business segment, the company's
biggest sales contributor, falls 8% to $430.2 million 
    ** As of last close, AAN shares down ~37% YTD

 (Reporting by Aatrayee Chatterjee in Bengaluru)
 ((Aatrayee.Chatterjee@thomsonreuters.com;))