PLANO, Texas (AP) _ Rent-A-Center Inc. (RCII) on Monday reported a loss of $6.7 million in its first quarter.
On a per-share basis, the Plano, Texas-based company said it had a loss of 13 cents. Earnings, adjusted for non-recurring costs and pretax expenses, were 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The company that leases furniture and appliances with an option to buy posted revenue of $742 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $744 million.
Rent-A-Center shares have fallen 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.67, a drop of 27 percent in the last 12 months.
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