Aaron's revenues increase in fourth quarter

US-based specialty retailer Aaron's has posted an 8% increase in revenues to $523.5m in the fourth quarter ended 31 December, compared to $484.4m in the same quarter last year.

Same store revenues, earned in company-operated stores open for the entirety of both periods, rose 3.7% during the fourth quarter of 2011. Same store revenues also grew by 2.1% for company-operated stores open for over two years at the end of 2011.

The company said revenues of the HomeSmart stores grew to $8.6m in the fourth quarter of 2011. HomeSmart is a weekly rental business of the firm.

For the year ended 31 December, revenues were up 8% to $2.024bn, compared to $1.877bn in the previous year. HomeSmart stores revenues rose to $15.4m.

During the fourth quarter, the firm opened 16 company-operated Aaron's Sales & Lease Ownership stores, 18 franchised stores, eight HomeSmart stores and three RIMCO stores.

In addition, Aaron's acquired four stores from franchisees and seven from a third party operator, and one company-operated store was sold to a franchisee. The firm closed 10 company-operated stores and one franchised store.

As of 31 December 2011, the retailer had 1,945 stores, which include 1,144 company-operated Aaron's Sales & Lease Ownership stores, 707 Aaron's Sales & Lease Ownership franchised stores, 71 HomeSmart stores, 16 company-operated RIMCO stores.