ATLANTA - Furniture manufacturer and leasing giant Aaron's announced its founder and chairman R. Charles Loudermilk will retire next month, 57 years after starting the company. He becomes Chairman Emeritus.
Aaron's Inc. board elected interim CEO Ronald W. Allen president and CEO in February.
For the second quarter of 2012, Aaron's revenues increased 12 percent to $539.5 million compared to he second quarter in 2011. Net earnings almost tripled, to $36.2 million versus $10.8 million last year.
There are two operating divisions of Aaron’s: sales and lease ownership and manufacturing. The Aaron's Sales & Lease Ownership division is the largest and fastest growing division, serving credit-constrained consumers in need of basic home furnishings, appliances and electronics through 1,985 company-owned stores and franchises.
The vertically integrated Woodhaven Furniture Industries Division manufactures the majority of furniture leased and sold by Aaron’s. Aaron's operates 14 factories under the Woodhaven Furniture Industries brands. In the most recent quarter factory sales of furniture and bedding totaled $89 million.
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