Rent-A-Center drops on cutting Q3 outlook

Upbound

29/09/2022 23:11

** Shares of Rent-A-Center Inc  RCII.O  decline 19.4% to
$18.00 in extended trade
    ** RCII lowers Q3 profit and revenue outlook; says external
economic conditions have continued to deteriorate over the past
few months
    ** "This (conditions) has affected both retail traffic and
customer payment behavior, so we are updating third quarter
guidance to reflect the impact of those trends on our business"
-  Mitch Fadel, CEO
    ** Lowers Q3 adj. EPS to $0.85-$0.95 from previous range of
$1.05-$1.25
    ** RCII now expects Q3 revenue to be $1 bln-$1.02 bln vs. 
estimate of $1.03 bln, according to Refinitiv data; company's
earlier forecast range was $1 bln-$1.055 bln 
    ** Company is not updating or reaffirming its previously
reported FY22 guidance
    ** RCII also appoints Fahmi Karam as CFO effective Oct. 31;
Karam will succeeded Maureen Short who left on Sept. 28
    ** RCII down 22.7% YTD