You never really know what you're gonna get from Rent-A-Center (NASDAQ:RCII) -- a frank acknowledgement of problems (like the decision to close stores) or more of the retail excuse d'jour ("Don't blame us, it's the price of gas.."). This quarter was a bit of both, but the company seems to still be making lumbering progress forward.

Revenue was up just less than 1% in the first quarter, helped by a 1.8% increase in same-store sales. That last number isn't quite all that it seems, because it was helped by some sales and fees. Following management's commentary, the more relevant number for the rent-to-own business is more like 1.1%.

That's a mixed bag to me. Absolutely and unequivocally, 1%-plus same-store sales growth is better than the declines of the past. However, foot traffic was apparently not much better at Rent-A-Center, and let's not forget that this improvement comes after years of sometimes downright poor performance (the year-ago same-store sales number was negative 5%).

Moving along, Rent-A-Center's net income improved about 2%, but operating income was down 3%. On a more concerning note, we once again heard about how fuel prices will hurt results. I'm sure that's true to some extent, but I'm also very skeptical when I hear these excuses. If this management team had a solid record of performance, I'd feel differently.

It'll be interesting to see how all of this "high fuel price" jazz breaks out over the next few months and quarters. After all, Best Buy (NYSE:BBY), CircuitCity (NYSE:CC), and Wal-Mart (NYSE:WMT) are having no trouble selling the consumer-electronics wares that are the mainstay of the rent-to-own industry. Even granting the more difficult economic circumstances of the Rent-A-Center customer, I still believe that retail performance is fundamentally about good selection, good pricing, and a good shopping experience.

Since I don't really think Rent-A-Center scores especially well on those metrics, I won't be buying this for my own portfolio. That said, our own Inside Value team recommended this one right about the time that I noticed the business starting to get better. And because our Inside Value team tends to play for the long term, I won't rule out the possibility of further improvements in its performance and stock price.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).