GoEasy’s growth continues
MISSISSAUGA, Ontario – GoEasy, the publicly held parent to this country’s largest big-ticket leasing merchant, has reported new record highs for both sales and earning through the third quarter and year-to-date 2020.
For the three months ending 30 September 2020, GoEasy had revenues of $161.1 million, up 3.6% from the $156.1 million for the same period last year. Same store sales were up 3.1%.
Revenue from leasing merchant EasyHome totalled $36.0 million for the period, up 6.2% from the comparable period’s $33.9 million. Same store sales for this group was 7.2%.
Meanwhile, revenue from EasyFinancial – the company’s consumer lending segment – gained 2.9% from last year’s $122.3 million to $125.8 million.
Net income for the period was $33.1 million or $2.09 per share, compared to $19.8 million or $1.28 per share – a giant leap of 63.3% on a per share basis.
For the nine months that also ended 30 September 2020, GoEasy had revenues of $479.9 million, up uptick of 8.1% from the $443.8 million recorded for the same period of 2019. Same store sales were up 7.8%, a significant drop from last year’s 19.8%.
EasyHome revenue was up 2.6% to $106.3 million from last year’s $103.6 million as same store sales advance 3.2%, which was lower than they 3.4% for the first nine months of 2019.
EayFinancial revenue for the year-to-date was $373.4 million, a 9.8% gain over last year’s $340.2 million.
Net income was $87.6 million or $5.64 per share compared to last year’s $57.7 million or $3.72 per share – a gain of 51.6% on a per share basis.
In its report to shareholders, GoEasy noted the number of lease agreements administered by its network of 161 EasyHome stores fell 4.8% on a year-over-year basis by the end of the third quarter to 84,935 although the value of each agreement’s monthly payment increased to $97.20 from $94.48.
EasyHome’s product mix also changed somewhat on a year-over-basis. Appliances share its share grow from 12.5% to 13.6% while computers went were 10.5% to 11.4% of the mix. Electronics stayed the same, but furniture saw its share fall from 45.8% in 2019 to 43.7% this year.
The company closed two EasyHome corporate stores during the first nine months of the year.
Related Story: GoEasy prez named to Top 40 Under 40 for 2020