America's Car-Mart Reports Diluted Earnings per Share of $2.00 on Revenues of $345 Million

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

[{"type":"text","content":"ROGERS, Ark., Aug. 17, 2022 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the first quarter of fiscal year 2023. “For the quarter, unit sales volumes were up 2.1% to 15,536 with productivity (retail units sold per dealership per month) flat at 33.6, versus the first quarter of fiscal 2022. Even with significant industry headwinds, namely higher vehicles prices resulting from supply/demand imbalances, especially at lower price points, we saw unit volumes increase. We believe that when supply in our market eventually returns to more normal levels, our productivity will increase as affordability is most certainly keeping many good customers out of the market. We continue to place top priority on efficiently supplying good, mechanically sound vehicles at reasonable prices to our valued customers. When headwinds turn to tailwinds, which will eventually happen, we will be in a great position to take advantage,” said Jeff Williams, Chief Executive Officer. “Revenues were up 23% to $345 million, our second highest revenue quarter in history, with the fourth quarter of fiscal 2022 being first. We are seeing car prices level off and we expect a gradual flattening as we move forward - better news for consumers.” “Overall industry credit results are normalizing, and we are seeing customers coming into our market as lending standards tighten above us. Net charge-offs as a percentage of average receivables, were 5.6% for the quarter, flat sequentially and up from 4.3% for the prior year quarter. The prior year quarter was positively affected by stimulus payments and the current quarter was negatively affected by inflationary factors,” said Mr. Williams. “Net charge-off results for the quarter were in line with our prior 5-year average and below the prior 10-year average. Once again, inflation is presenting challenges; however, our customers are benefiting from a robust job market, helping to somewhat offset these pressures. As vehicle prices level off, affordability and resulting sales volume opportunities should improve.” “We are ever more convinced of our strong, unique place in the used vehicle market and have never been more optimistic about our future. Consumer demand for our offering is high and expected to continue increasing, and we are well-positioned relative to competition. Cu...

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