Prog Holdings reports Q1 EPS 91c, consensus 82c

Reports Q1 revenue $641.87M, consensus $633.36M. “We’re pleased with our strong start to the year, with first quarter financial performance exceeding our expectations, driven by better-than-expected GMV, strong portfolio performance and disciplined spending,” said PROG Holdings President and CEO Steve Michaels. “Despite continued sluggish retail demand in our leasable categories, we have delivered a meaningful increase in balance of share with key retail partners. Our continued investments in marketing, sales, and technology to support our retail partners and the consumer’s need for flexible purchase options gives us the confidence to project a low single digit GMV growth for the second quarter, even in the face of this challenging macroeconomic environment. We believe our financial strength, highlighted by strong margins and cash flow, enables us to invest in these growth initiatives while returning excess cash to shareholders through dividends and share repurchases,” concluded Michaels.