United States

Profile: Aaron's Inc (AAN.N)

AAN.N on New York Stock Exchange

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Aaron's, Inc. (Aaron's), incorporated on March 28, 1962, is an omnichannel provider of lease-purchase solutions. The Company engages in the sales and lease ownership and specialty retailing of furniture, consumer electronics, home appliances and accessories through its Company-operated and franchised stores in Canada, as well as its e-commerce platform, Aarons.com. The Company's segments include Sales and Lease Ownership, Progressive Finance Holdings, LLC (Progressive), Dent-A-Med, Inc., doing business as the HELPcard (DAMI), Franchise and Manufacturing. Its stores carry brands, such as Samsung, Frigidaire, Hewlett-Packard, LG, Whirlpool, Simmons, Philips, Ashley and Magnavox. As of December 31, 2016, the Company had 1,864 Aaron's stores, consisted of 1,165 Company-operated stores in 28 states, the District of Columbia and Canada, and 699 independently-owned franchised stores in 46 states and Canada. The Company owns or has rights to various trademarks and trade names used in its business, including Aaron's, Aaron's Sales & Lease Ownership, Progressive, Dent-A-Med, the HELPcard and Woodhaven Furniture Industries.

Sales & Lease Ownership

The Company's Aaron's Sales & Lease Ownership segment employs a monthly payment model to provide household goods to lower to middle income consumers. Its customer base consists of consumers with limited access to traditional credit sources, such as bank financing, installment credit or credit cards. The Aaron's Sales & Lease Ownership store layout is a combination showroom and warehouse. In addition to inline space, it also leases and owns various free markets. Its stores provide a selection of brand name electronics, computers, appliances and furniture, including furniture manufactured by its Woodhaven Furniture Industries division.


The Company's Progressive segment is a virtual lease-to-own company. Progressive partners with retailers, primarily in the furniture, mattress, mobile phone, consumer electronics, appliance and household accessory industries to offer a lease-purchase option for customers to acquire goods. It offers a technology-based application and approval process. Once a customer is approved, Progressive purchases the merchandise from the retailer and enters into a lease-to-own agreement with the customer. The contract provides early-buyout options or ownership after a contractual number of renewals. Progressive has retail partners and operates under state-specific regulations in those states.


DAMI serves customers that may not qualify for traditional prime lending and desire to purchase goods and services from participating merchants. DAMI, which operates as a subsidiary of Progressive, offers customized programs, with services that include revolving loans, private label cards and access to a processing platform. DAMI's network of merchants includes medical markets, beds and fitness equipment.


The Company franchises its Aaron's Sales & Lease Ownership and HomeSmart stores in markets. The Company provides support in designing the floor plan, including the proper layout of the showroom and warehouse. In addition, it assists the franchisee in the design and decor of the showroom. It also leases the exterior signage to the franchisee and provides support with respect to pre-opening advertising, initial inventory and delivery vehicles. All franchisees are required to complete a training program to operate their franchised sales and lease ownership stores in compliance with its policies, standards and specifications. Additionally, each franchise is required to represent and warrant its compliance with all applicable federal, state or local laws, regulations and ordinances with respect to its business operations.


The Company's manufacturing segment includes Woodhaven Furniture Industries division. The Company's produced items are leased or sold through Company-operated or franchised stores. Its Woodhaven Furniture Industries segment produces upholstered living-room furniture (including contemporary sofas, chairs and modular sofa and ottoman collections in a range of natural and synthetic fabrics) and bedding (including standard sizes of mattresses and box springs). The segment provides replacement covers for all styles and fabrics of its upholstered furniture, as well as other parts, for use in reconditioning leased furniture that has been returned. The segment consists of furniture-manufacturing plants and bedding manufacturing facilities.

The Company competes with Rent-A-Center, Inc.

Company Address

Aaron's Inc

400 Galleria Pkwy SE Ste 300
ATLANTA   GA   30339-3182
P: +1678.4023000
F: +1404.2406583

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