GoEasy revenue up in Q2
MISSISSAUGA, Ontario – GoEasy, parent of this country’s largest rent-to-own home goods retailer, reported its 37th consecutive quarter of same store sales growth and 72nd consecutive quarter of positive income growth, all of which was attributed to the continuing growth of its consumer loans segment, EasyFinancial.
For the three months ending 30 June 2019, total revenue was $147.8 million, up 19.9% from $123.3 million for the same period last year. Overall same store sales growth was also pegged at 19.9%, although that was off from the 28.4% recorded for the second quarter of 2018.
Revenue for loan division EasyFinancial was up 27.3% to $113.3 million – compared to $89.0 million for the comparable period.
Revenue for EasyHome, the home goods leasing merchant, was $34.5 million for the second quarter, up 0.6% from $34.3 million. Same store sales were up 3.8%.
Net income was $19.6 million or $1.26 per diluted share, compared to $11.8 million or 82 cents per diluted share for the same period last year – a gain of 53.7% on a per share basis.
“During the second quarter we launched our spring media campaign, which helped produce a record levelof new customers and an 18% increase in loan application volume, leading to loan growth that nearly doubled the first quarter of the year,” Jason Mullins, GoEasy’s president and chief executive officer said in a statement.
“In addition to strong business results, the last several months have been a rewarding time for our company, as we have received recognition for our culture and the engagement of our team,” Mullins continued, adding, “After being named one of Canada’s Most Admired Corporate Cultures in 2018, we have also been named one of North America’s Top 50 Most Engaged Workplaces for 2019 by Achievers and one of Canada’s Top 50 FinTech Companies for 2019 by the Digital Finance Institute. These awards are a testament to the passion and dedication that our entire team has for helping our customers improve their financial outcomes.”
For the six months also ending 30 June 2019, revenues were $287.7 million, up 20.8% from $238.1 million for the first half of 2018. Total same store sales were up 20.3%, building on the 26.0% recorded for the comparable period.
EasyFinancial saw its revenue climb 28.7% to $217.9 million, from $169.4 million last year.
EasyHome revenue was $69.8 million, up 1.5% from $68.7 million as same store sales grew 4.2%.
Net income was $37.8 million or $2.44 per diluted share, compared to $22.9 million or $1.58 per diluted share last year – an uptick of 54.4% on a per share basis.
At the end of June, GoEasy operated some 164 Easyhome stores and 247 EasyFinancial location across the country.