Aarons 2015 Annual Report Download - page 31
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The Company’s franchised and Company-operated store activity (unaudited) is summarized as follows:
Franchised stores open at January 1, 782
781
749
Opened 10
23
45
Purchased from the Company 16
6
2
Purchased by the Company (25)
(9)
(10)
Closed, sold or merged (49)
(19)
(5)
Franchised stores open at December 31, 734
782
781
Company-operated Sales & Lease Ownership stores open at January 1, 1,243
1,262
1,227
Opened 7
30
33
Added through acquisition 25
9
10
Closed, sold or merged (52)
(58)
(8)
Company-operated Sales & Lease Ownership stores open at December 31, 1,223
1,243
1,262
Company-operated HomeSmart stores open at January 1, 83
81
78
Opened —
3
3
Closed, sold or merged (1)
(1)
—
Company-operated HomeSmart stores open at December 31, 82
83
81
1
Company-operated RIMCO stores open at January 1, —
27
19
Opened —
—
8
Closed, sold or merged —
(27)
—
Company-operated RIMCO stores open at December 31, —
—
27
1 In January 2014, we sold our 27 Company-operated RIMCO stores and the rights to five franchised RIMCO stores.
Same Store Revenues. We believe that changes in same store revenues are a key performance indicator of our core business. For the year ended December 31,
2015, we calculated this amount by comparing revenues for the year ended December 31, 2015 to revenues for the year ended December 31, 2014 for all
stores open for the entire 24-month period ended December 31, 2015, excluding stores that received lease agreements from other acquired, closed or merged
stores. During the first quarter of 2015, the Company revised the methodology for calculating same store revenues to reflect a full lifecycle for customer
retention after stores are closed. As a result, revenues for stores that have been consolidated/merged are now included in the comparable same store
calculation after 24 months. Previously, consolidated/merged stores were included in the same store calculation after 15 months. The change in the same
store calculation had an immaterial impact on comparable store revenues for 2015, 2014 and 2013.
Active Doors. We believe that active doors are a key performance indicator of our Progressive segment. Active doors represent retail store locations at which
at least one virtual lease-to-own transaction has been completed during the trailing three month period. The following table presents active doors for the
Progressive segment:
Progressive Active Doors 13,248
12,307
Invoice Volume. We also believe that invoice volume is a key performance indicator of our Progressive segment. Invoice volume is defined as the retail price
of lease merchandise acquired and leased by Progressive during the period, excluding returns. The following table presents invoice volume for the
Progressive segment:
Progressive Invoice Volume $ 780,038
$ 471,902
30