Business
America’s Car-Mart Reports Fourth Quarter Fiscal 2023 Earnings
ROGERS, Ark., May 24, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the “Company”) today announced its operating
About this update from America's Car-mart, Inc.
[{"type":"text","content":"ROGERS, Ark., May 24, 2023 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart” or the “Company”) today announced its operating results for the fourth quarter and fiscal year ended April 30, 2023. Highlights Revenues of $388.3 million, up 12.2% vs. the prior year’s fourth quarter. Total retail unit sales increased 7.5% vs. the prior year’s fourth quarter. Same store retail unit sales increased 5.6% vs. the prior year’s fourth quarter.Sales volume productivity per store per month was 37.7 vs. 35.6 for the prior year’s fourth quarter. Gross profit per car sold was $6,354 compared to $6,5451 for the prior year’s fourth quarter.Inventory decreased $22.3 million during the fourth quarter and decreased $35.9 million (over 24.7%) from the end of the first quarter of fiscal 2023.Provision for credit losses as a percentage of sales was 30.4% compared to 23.1%1 for the prior year’s fourth quarter. Net charge-offs as a percent of average finance receivables for the quarter were 6.3% compared to 5.1%1 for the prior year’s fourth quarter. The current quarter provision includes a 0.26%, or $3.3 million, increase in the allowance for credit losses.Interest income was $52.5 million, compared to $42.3 million for the prior year’s fourth quarter.SG&A expense was up $4.8 million vs. the prior year’s fourth quarter and up $1.1 million, sequentially. SG&A per customer, calculated based on average active customers, was $448 vs. $431 for the prior year’s fourth quarter.Interest expense was $12.9 million, compared to $3.5 million in the prior year’s fourth quarter.In April, Kroll Bond Rating Agency (KBRA) upgraded ratings on three classes of notes from the April 2022 securitization.Customer count increased 7.6% to 102,305 active customers, compared to 95,107 in the prior year’s fourth quarter. Customers served per dealership was 656, compared to 617 for the prior year’s fourth quarter.Diluted earnings per share was $0.32 vs. $3.971 for the prior year’s fourth quarter. CEO Commentary “We are currently at a unique time with an unprecedented number of factors impacting both our industry and our company. While we face certain challenges - which we feel are primarily short-term - the opportunities in front of us have never been greater. Ongoing disruption in the used car market challenges us to purchase quality vehicles at affordabl...