Aaron’s to Bow BrandsMart Lease-to-Own Program in Q2, Says CEO

Aaron’s already has begun work on implementing an "in-house lease-to-own” program for BrandsMart customers for a Q2 launch, having completed its BrandsMart buy from the Perlman family for $230 million in cash April 1 (see 2204010026), said CEO Douglas Lindsay on a Q1 earnings call Tuesday. “We’re also preparing to add some of the BrandsMart product catalog” to the online Aaron’s store by the end of 2022, “and are beginning to assess procurement synergies between the two businesses,” he said. “We have begun assessing optimal locations for new BrandsMart stores, with the intent of opening 1-2 stores per year beginning in 2023.” Results for BrandsMart, which the Perlman family ran as a private company, will be reported with Aaron’s second-quarter financials, said Lindsay. BrandsMart draws half its revenue from sales of major appliances and 25% from consumer electronics, the rest from computers, furniture and other products, said Aaron's President Steve Olsen, to whom the BrandsMart team will report.