Business
America’s Car-Mart Reports First Quarter Fiscal 2024 Earnings
ROGERS, Ark., Sept. 05, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the “Company”) today reported strong revenue
About this update from America's Car-mart, Inc.
[{"type":"text","content":"ROGERS, Ark., Sept. 05, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the “Company”) today reported strong revenue growth in the first quarter of fiscal year 2024, with net income negatively impacted by credit results. Diluted earnings per share were $0.63 on revenue of $368.0 million for the quarter. Also today, the Company announced that current President Doug Campbell will succeed Jeff Williams as Chief Executive Officer and join the Board of Directors, effective October 1, 2023. Williams will remain a Board Member and serve as CEO Emeritus and an advisor to the Company. See associated press release America’s Car-Mart Names Doug Campbell CEO & Board Member. Highlights First Quarter 2024 The following are the key highlights from the first quarter. All comparisons are based on the first quarter of fiscal year 2024 vs. the first quarter of fiscal year 2023, unless otherwise noted. Revenues of $368.0 million, up 8.6%.Total retail unit sales increased 2.4%. Same store retail revenue growth was 8.2%.Sales volume productivity per store per month was 34.2 vs. 33.6, an increase of 1.8%.Gross profit per car sold was $6,768 compared to $6,5241.Provision for credit losses as a percentage of sales was 30.9% compared to 25.9%1. Net charge-offs as a percentage of average finance receivables for the quarter were 5.8% compared to 5.1%1.Interest income was up 27.3% to $56.5 million, compared to $44.3 million.SG&A as a percentage of sales was relatively flat at 14.9% vs. 14.7%. SG&A was up $3.2 million and up $0.7 million, sequentially. Excluding stock-based compensation, SG&A was down $0.6 million sequentially. SG&A per average customer was $449 vs. $450.Interest expense was $14.3 million, compared to $7.3 million.Total debt to finance receivables was 49.3% up from 46.5% at April 30, 2023 and total debt, net of cash, to finance receivables (non-GAAP), was 42.9%2 at the end of the first quarter, up from 41.5%2 at April 30, 2023.Customer count increased 8.1% to 104,734 active customers. Customers served per dealership was 680, compared to 629.Diluted EPS was $0.63 vs. $2.071. CEO Commentary “In the first quarter, improvements in many areas of the business - unit sales, gross margin, repair costs, diminishing wholesale losses, online credit application activity, working capital management and closing underp...