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EasyHome 3Q revenue climbs

 10 November 2021     HGO Staff 

MISSISSAUGA, Ontario – EasyHome, this country’s largest furniture, appliance and electronics leasing merchant, reported increased sales and operating margin for both the third quarter and the first nine months of 2021 even though revenue from its core leasing business declined slightly.

EasyHome is part of publicly held GoEasy, which also operates EasyFinancial, the consumer lending specialist that’s the substantially larger of its two main business segments and accounts for some 82% of its overall revenue.

In reporting its results for the three months ending September 30, 2021, GoEasy said EasyHome’s revenue was $37.6 million, up 4.7% from the $36.0 million rung-up for the same period last year. Same store sales were up 5.6% while operating margin climbed to 26.7% from last year’s 21.9%.

EasyHome, the country’s largest furniture and appliance leasing merchant, saw its revenues climb 4.7% in this year’s third quarter to $37.6 million.However, the company also noted revenue from EasyHome’s core leasing business was $27.9 million, down 1.7% from the comparable period’s $28.4 million. The revenue boost was driven by EasyHome’s foray into consumer lending while jumped 36.7% in the third quarter.

GoEasy’s overall revenue for the three months ending September 30, 2021, was $219.8 million, up 35.8% from $161.8 million. The jump was driven by EasyFinancial’s contribution of $182.1 million, a 44.7% hike over the same period last year.

Overall same store sales jumped 15.4%.

Net income for the third quarter of 2021 was $63.5 million or $3.66 per share on a diluted basis, compared to $33.1 million or $2.09 per share for the same period in 2020 – a rocket-fueled gain of 75.1% on a per share basis.

For the nine months ending September 30, 2021, EasyHome revenue was $112.0 million, up 5.3% from $106.3 million. Same store sales practically doubled to 6.1% with its operating margin jumped to 25.4% from last year’s 21.1%.

Revenue from its core leasing business totally $84.7 million, up a slight 0.5% from the $84.2 million for the comparable. Meanwhile, interest income from its lending program generated revenue of $16.3 million, up 32.4% from $12.3 million.

GoEasy reported that at the end of September, EasyHome had some 80,395 lease agreements in effect – off 5.3% from the 84,935 at the end of September last year. However, the average lease payment per agreement climbed from $97.20 to $101.50.

By product category, declines in furniture were offset by gains in electronics, appliances and computers. Furniture remains EasyHome’s largest product category, accounting for 41.7% of its outstanding lease agreements.

GoEasy’s total revenue for the nine months ending September 30, 2021, was $592.3 million, up 23.5% from the comparable period’s $479.7 million. The uptick was driven in large part by EasyFinancial, which saw its revenue climb 28.6% to $480.3 million.

Overall same store sales were up 12.1%.

The company’s net income for the nine months ended September 30, 2021, was $195.0 million, or $11.75 per share on a diluted basis against the $87.6 million or $5.64 per share on a diluted basis for the same period of 2020 – that a 108.3% advance on a per share basis.

At the end of September, the company operated some 158 EasyHome stores across the country, having closed two corporate stores over the prior 12 months. The count includes some 34 franchise locations.

Stearns & Foster
TempurPedic Canada
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