America’s Car-Mart Reports Higher Revenues Featured
22 February 2018
America’s Car-Mart Inc. reported net income of $2.8 million for the quarter ended Jan. 31.The buy-here, pay-here chain saw revenues of $139 million compared to $137 million for the prior year quarter.Retail unit sales decreased to 10,866 from 11,013 for the prior year quarter with increased productivity at 25.3 retail units sold per store per month, up from 25 for the prior year quarter.Average retail sales price increased to $10,629.Gross profit margin percentage increased to 40.8 percent from 40.3 percent for the prior year quarter.Collections as a percentage of average finance receivables of 12.4 percent compared to 12.9 percent for the prior year quarter. The weighted average contract term increased to 31.9 months from 30.9.Net charge-offs as a percent of average finance receivables were 7.8 percent, up from 6.6 percent for prior year quarter.Accounts over 30 days past due decreased to 4.7 percent from 5 percent at Jan. 31, 2016.Average percentage of finance receivables current were 79.5 percent compared to 81.4 percent at Jan. 31, 2016.Provision for credit losses rose to 31 percent of sales vs. 26.9 percent for prior year quarter. Selling, general and administrative expenses fell to 18.7 percent of sales vs. 19.4 percent for prior year quarter.Active accounts base was approximately 67,300, an increase of approximately 2,300 from April 30, 2016.