America's Car-Mart Reports Diluted Earnings per Share of $0.48 on Revenues of $352 Million

About this update from America's Car-mart, Inc.

[{"type":"text","content":"ROGERS, Ark., Nov. 16, 2022 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the second quarter of fiscal year 2023. “We are the market leader in a vital, irreplaceable, and growing industry. Numerous competitors are shrinking and closing while we are leaning into our value proposition, adapting, as always, to changing business conditions. The combination of rapid inflation, tight supply conditions for our vehicle, and rising credit costs is unprecedented; this environment creates enormous opportunity for America’s Car-Mart. Our volumes grew in the last quarter despite these headwinds. In addition, we are making a series of important long-term investments which are flowing through the current income statements. These initiatives are fundamental to greater operational efficiency and achieving our productivity goals,” said Jeff Williams, Chief Executive Officer. “There will always be a large number of people living paycheck to paycheck, and no firm is better positioned to serve this customer than America’s Car-Mart. While managing through this challenging environment, we are growing, supporting our many loyal customers, and aggressively focused on continuous improvement. We will always prepare for the worst and hope for the best.” “Revenues grew 24% to $352 million, including a 30% increase in interest income to $48 million, for the second quarter of fiscal 2023 compared to the prior year quarter. The average sales price increased 13% and unit sales volume increased 7%. Our sales volume productivity of 34.4 units sold per dealership per month for the quarter was up 5% compared to the prior year quarter and up 2% sequentially. We ended the quarter with more than 98,600 customers, nearly 6% more than at this time last year,” said Mr. Williams. “Our ongoing productivity gains, despite headwinds, reflect strong and increasing demand for our offering and an increasingly more favorable competitive environment. Based on our strong market position and our long-term growth potential, we are continuing to invest aggressively in our business. Greater productivity will enable our dealerships to support 1,000 or more active customers – currently, our dealerships average 640 customers each compared to 617 a year ago. As our investments bear fruit and we improve execution, the number of custom...

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