Aaron's, Inc. is the nation's leader in sales and lease ownership and specialty retailing of consumer electronics and computers, home and office furniture, appliances and accessories with more than 1,575 Company-operated and franchised stores in 48 states and Canada. Founded in 1955 by entrepreneur R. Charles Loudermilk, Sr. and publicly traded since 1982, Aaron’s has been an industry pioneer and innovator. The Company changed its name from Aaron Rents, Inc. to Aaron's, Inc. in 2009.
The fast-growing Aaron's Sales & Lease Ownership division serves the higher end of the large, expanding market of credit-constrained consumers comprising a substantial segment of the population. This division consists of more than 1,560 Company-operated and franchised stores supplied from the Company's 17 regional fulfillment centers.
The Aaron's manufacturing division, MacTavish Furniture Industries, produces most of the furniture for the Aaron's stores, providing vertical integration to control quality, styling and cost, assuring superior customer service. The Aaron's award-winning franchise program is on a strong growth track with 300 franchised stores awarded in early 2009 for expected opening over the next several years.
Aaron's customer base grew 19% to a record level during the recession in 2008 as more consumers chose the Aaron's option for obtaining basic household necessities with no credit check and the ability to return the merchandise at any time. For more than 53 years, Aaron's has prospered in both weak and robust economic times. Revenues grew at a 13.9% compound annual growth rate in the past three years.
Aaron's raised its quarterly dividend in 2008 for the fifth consecutive year, an increase of 67 percent. During the same period, assuming reinvestment of dividends, the cumulative total returns to Aaron's shareholders on the Company's Common Stock more than doubled.
