Rent-a-Center crashes after pulling guidance due to collapsing 'economic conditions'
WND is now on Trump's Truth Social! Follow us @WNDNews (GLOBLE) – How bad is it out there? So bad Americans can't even afford to rent any more, or as Biden would put it: "the strongest economic recovery in recent history." In addition to the previously discussed implosion at Nike, whose stock is getting crushed…
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Rent-a-Center logo (video screenshot)
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(GLOBLE) – How bad is it out there? So bad Americans can't even afford to rent any more, or as Biden would put it: "the strongest economic recovery in recent history."
In addition to the previously discussed implosion at Nike, whose stock is getting crushed by the bullwhip effect sending inventories soaring as U.S. consumers hit a recession brick wall, a middle-American staple is getting hammered even harder: yes, Rent-A-Center is down as much as 20% today, one of its biggest one-day drops on record, which has pushed the stock back to April 2020 levels.
What happened? Well, the floor fell out after the rent-to-own store chain operator’s adj. EPS forecast for the third quarter fell far short of analyst estimates, lowered Q3 guidance citing macroeconomic headwinds – which impacted retail traffic and customer payment behavior – and most ominously, the company didn’t reaffirm its 2022 guidance, prompting brokers to cut their targets on the stock.
The post Rent-a-Center crashes after pulling guidance due to collapsing 'economic conditions' appeared first on WND.