Supply-Chain Conditions ‘Pretty Close’ to Pre-Pandemic, Says Rent-a-Center EVP

Rent-a-Center’s Q3 same-store sales grew 12.9% from the 2019 quarter due to a 71% increase in e-commerce transactions, said CEO Mitch Fadel on a Thursday investor call. The pandemic “accelerated” the finding that the “digital strategy is the right approach,” he said. The transition to e-commerce is “attracting new customers into lease-to-own,” and they tend to be “a younger demographic,” said Executive Vice President Anthony Blasquez. The supply-chain disruptions in electronics that Rent-a-Center experienced in Q2 improved “sequentially” in Q3, said Blasquez. “We feel like we're in good position to go ahead and meet the demand” for the holiday quarter, he said. Compared with supply-chain conditions in Q4 a year ago, “we're pretty close,” he said.