RCII - Rent-A-Center plunges after cautious full-year guidance

Rent-A-Center (NASDAQ:RCII) opened with a 29.55% drop on Thursday after the retailer's guidance update surprised investors to the downside. Rent-A-Center (RCII) guided for FY22 revenue of $4.45B to $4.60B vs. $5.27B consensus and EPS of $4.50 to $5.00 vs. $7.04 consensus. CEO update: "Looking forward to a normal post-pandemic environment, our mission to provide flexible leasing solutions for the financially underserved will be even more important as consumers adjust their spending choices to a less stimulative economic setting. Moreover, with the Acima acquisition and the Acima digital ecosystem test we launched in August, we are transforming into a leading consumer Fintech platform business, with omni-channel capabilities, a large addressable market opportunity, and potential for expansion that we believe should drive incremental earnings and shareholder value in the future." On Wall Street, Jefferies said the guidance from RCII implied macro headwinds lasting for the full-year, which analyst Kyle Joseph said could be

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Rent-A-Center plunges after cautious full-year guidance