Rent-A-Center Slashes Q3 Earnings Outlook Citing Macro Conditions; Names New CFO

Rent-A-Center Inc RCII has appointed Fahmi Karam as its Executive Vice President and Chief Financial Officer effective October 31, 2022.
The company also said the current Executive Vice President and Chief Financial Officer, Maureen Short, departed on September 28, 2022.
Karam joins RCII from Santander Consumer USA, where he served as the CFO.
He received his Bachelor's degree and Master of Accounting from Baylor University, and he is a Certified Public Accountant.
Outlook: Rent-A-Center revised its Q3 sales guidance to $1 billion - $1.02 billion from $1 billion - $1.055 billion versus the consensus of $1.03 billion.
RCII slashed its Q3 EPS outlook to $0.85 - $0.95 from $1.05 - $1.25 against the consensus of $1.14.
"External economic conditions have continued to deteriorate over the past few months," said CEO Mitch Fadel.
Meanwhile, the company is not updating or reaffirming its previously reported consolidated guidance for the full year 2022.
Price Action: RCII shares closed lower by 20.3% at $17.80 during after-hours on Thursday.