Release Details

Plano, Texas, April 25, 2001. - Rent-A-Center, Inc. (the "Company") (Nasdaq/NNM: RCII), announced today record revenues and net earnings for the quarter ended March 31, 2001.

The Company, the nation's largest rent-to-own operator, had total revenues for the quarter ended March 31, 2001 of $439.7 million, a $47.2 million increase from $392.5 million for the same period in the prior year. This increase of 12.0% was largely a result of better than expected same store sales growth of 8.8%, as well as incremental revenues generated in new and acquired stores.

Net earnings for the quarter ended March 31, 2001 were $25.0 million, or $0.69 per diluted share, representing an increase of 19.7% over the net earnings of $20.9 million, or $0.61 per diluted share, reported for the same period in the prior year. The increase in net earnings and earnings per diluted share are primarily attributable to the Company's increase in revenues, operational improvements in existing stores and reduced interest expense resulting from a reduction in outstanding debt. At March 31, 2001, outstanding debt totaled $703.1 million, down approximately $100.8 million from the balance at March 31, 2000. For the quarter ended March 31, 2001, the Company generated $32.0 million in operating cash flow and reduced debt outstanding by $37.9 million.

"We are pleased to announce that demand remained very strong throughout the first quarter, which led to our outstanding operating results and illustrates the resilience of our business in a weakening economy" commented J.E. Talley, the Company's Chairman and Chief Executive Officer. Mr. Talley added, "We remain optimistic about our future growth plans and operating results and look forward to another record quarter for our Company."

During the first quarter of 2001, the Company opened 23 new locations and acquired four additional stores in three separate transactions. Since the end of the first quarter, the Company has opened four additional new stores and has acquired three stores through two separate transactions. For the entire year ending December 31, 2001, the Company intends to add over 10% to its store base through new store expansion and opportunistic acquisitions.

Rent-A-Center, headquartered in Plano, Texas, currently operates 2,184 company-owned rent-to-own stores in 50 states, Washington D.C. and Puerto Rico. The stores offer high-quality, durable goods such as home electronics, appliances, computers, and furniture and accessories to consumers under flexible rental purchase agreements that allow the customer to obtain ownership of the merchandise at the conclusion of an agreed-upon rental period. ColorTyme, Inc., a wholly-owned subsidiary of the Company, is a national franchisor of 359 rent-to-own stores, 347 of which operate under the trade name of "ColorTyme," and the remaining 12 of which operate under the "Rent-A-Center" name.

This press release contains forward-looking statements that involve risks and uncertainties. Such forward looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," or "believe," or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to have been correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to, the risks detailed from time to time in the Company's SEC reports, including its annual report Form 10-K for the year ended December 31, 2000 and the Company's ability to find locations that meet the Company's criteria for new store locations, and the Company's ability to locate existing stores that the Company could acquire under acceptable terms. There is no assurance that the Company will be able to find such locations or existing stores, or that it would be able to open or acquire such stores. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as requested by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Contacts for Rent-A-Center, Inc.:

Mark Speese, Chief Executive Officer
Chairman of the Board
(972) 801-1199
mspeese@racenter.com

Mitchell E. Fadel, President
(972) 801-1114
mfadel@racenter.com

Robert D. Davis, Chief Financial Officer
(972) 801-1204
rdavis@racenter.com