February 20, 2018 / 10:22 PM / 3 months ago

BRIEF-Rent-A-Center Reports Q4 GAAP Earnings Per Share $0.65

Feb 20 (Reuters) - Rent-A-Center Inc:

* RENT-A-CENTER, INC. REPORTS FOURTH QUARTER 2017 RESULTS

* Q4 REVENUE FELL 6.6 PERCENT TO $639 MILLION

* ‍”Q4 PERFORMANCE WAS MORE CHALLENGING THAN COMPANY EXPECTED AND DEMONSTRATED NEED FOR CHANGE”​

* INITIATED EFFORTS TO MORE “AGGRESSIVELY” EXPAND FRANCHISING OPERATIONS​

* ‍NEW TAX REFORM IS EXPECTED TO GENERATE MATERIAL BENEFIT TO CASH TAXES OF ABOUT $200 MILLION OVER NEXT 3 YEARS​

* ‍CORE U.S. Q4 REVENUES OF $444.7 MILLION DECREASED 6.0 PERCENT​

* ‍”IDENTIFIED APPROXIMATELY $100 MILLION OF ANNUALIZED EBITDA AND WORKING CAPITAL OPPORTUNITIES”​

* RENT-A-CENTER - ‍IDENTIFIED ANNUALIZED COST SAVINGS OPPORTUNITIES OF $65 TO $85 MILLION, ABOUT TWO THIRDS OF WHICH IS EXPECTED TO BE REALIZED IN 2018​

* ‍WORKING CAPITAL BENEFITS OF $20 TO $25 MILLION, 100 PERCENT OF WHICH IS EXPECTED TO BE REALIZED IN 2018​

* ‍ QTRLY TOTAL REVENUES OF $639.0 MILLION DECLINED BY 6.6 PERCENT, ALSO DUE TO A SAME STORE SALES DECLINE OF 2.0 PERCENT​

* SEES ‍ 2018 FREE CASH FLOW OF AT LEAST $130 MILLION​

* RENT-A-CENTER - ‍REFRANCHISING BRICK & MORTAR LOCATIONS TO ENABLE CO TO MAINTAIN, GROW PRESENCE , USING PROCEEDS TO PAY DOWN DEBT​ Source text for Eikon: Further company coverage:

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