GoEasy revenue up 22%
MISSISSAUGA, Ontario – GoEasy, the publicly-held parent company to this country’s largest big ticket leasing merchant and a fast growing provider of consumer loans, reported 32nd consecutive quarter of overall same stores, driven by the expansion of EasyFinancial and the growth of its loan portfolio.
Revenue for the three months ending 31 March 2018 was $114.8 million, an increase of 21.8% from $94.2 million in the first quarter of 2017.
Same store sales were up 23.1% across the company but without EasyFinancial the gain fell to 3.6%.
EasyFinancial revenue for the period was $80.4 million, up 34.9% from the $59.6 million for the same period last year. Its consumer loans receivable portfolio was $601.7 million at the end of March, up 55.5% year-over-year.
The company attributed the segment’s growth to a number of factors, including the introduction of a new secured loan product, the attraction of more credit worth borrowers and its expansion into Quebec.
Meanwhile, first quarter revenues for EasyHome were $34.4 million, down 0.8% from last year’s $34.7 million. Although same stores sales were up 3.6%, the company also reported its ‘potential monthly leasing revenues’ fell 4.7% to $9.2 million during the first quarter. All four product categories – furniture, appliances, electronics and computers – showed declines.
Net income for the first quarter was $11.1 million or 77 cents per diluted share, compared to $10.3 million or 73 cents per diluted share – an uptick of 5.5% on a per share basis.
“We are delighted to see that the positive momentum from our performance in 2017 has accelerated in the first quarter of 2018,” David Ingram, GoEasy chief executive officer said in a statement.
During the first quarter, GoEasy opened five stand-alone Easyfinancial locations and now has 233 units operating across the country.
Meanwhile, it closed six corporately-owned EasyHome stores and converted one other to a franchise. As of 31 March, the company is operating 165 EasyHome stores, including 31 franchises.