April 30, 2018 / 8:53 PM / a month ago

BRIEF-Rent-A-Center Reports Q1 GAAP Loss Per Share Of $0.37

April 30 (Reuters) - Rent-A-Center Inc:

* RENT-A-CENTER, INC. REPORTS FIRST QUARTER 2018 RESULTS

* Q1 GAAP LOSS PER SHARE $0.37

* Q1 REVENUE $698 MILLION VERSUS I/B/E/S VIEW $700.8 MILLION

* Q1 EARNINGS PER SHARE VIEW $0.08 — THOMSON REUTERS I/B/E/S

* RENT-A-CENTER - IDENTIFIED ANNUALIZED COST SAVINGS OPPORTUNITIES OF $75 TO $95 MILLION, INCREASED FROM RANGE OF $65 TO $85 MILLION

* FIELD OVERHEAD WAS REDUCED BY ABOUT 60 POSITIONS, IN APRIL, RESULTING IN $9 MILLION IN ANNUALIZED RUN-RATE SAVINGS

* EXPECTS TWO THIRDS OF BENEFIT FROM ANNUALIZED COST SAVINGS TO BE REALIZED IN 2018

* EXPECTS TO REALIZE A ONE-TIME WORKING CAPITAL BENEFIT OF $15 MILLION DUE TO ELIMINATION OF THIRD PARTY DISTRIBUTION CENTERS IN 2018

* CORE U.S. Q1 REVENUES OF $482.0 MILLION DECREASED 1.8 PERCENT

* SEES 2018 2018 FREE CASH FLOW OF AT LEAST $170 MILLION, AN INCREASE FROM PREVIOUS GUIDANCE OF AT LEAST $130 MILLION Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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