Rent-to-own furniture retailer Aaron’s is now spinning off its faster-growing Progressive financing division. The separation creates two pure-play businesses that will be easier for investors to value, particularly as COVID-19 continues to slow in-store customer traffic.
AARON’S INC. $57 is a spinoff buy. The company (New York symbol AAN; Consumer sector; Shares outstanding: 67.1 million; Market cap: $3.8 billion; Dividend yield: 0.3%; Takeover Target Rating: Medium; www.aarons.com) sells furniture and electronics through over 1,500 company-owned and franchised stores in 46 states and Canada. It sells these goods under a “rent-to-own” model,. where customers make payments over a fixed term and take full ownership at the end contract.
Aaron’s also operates the Aarons.com e-commerce site and Woodhaven Furniture Industries, a manufacturer of American-made furniture.
In April 2014, the company acquired Progressive Leasing for $700.0 million. Progressive offers rent-to-own financing contracts though 19,000 affiliated stores, including Best Buy, Lowe’s and Ashley Homestore.
Aaron’s third business—Vive Financial—provides financing to customers who don’t qualify for traditional bank loans.
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Changes to this Policy
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