A tough quarter of sales pushed profits lower for America's Car-Mart.
The Bentonville-based used car dealer posted net income of $7.28 million on revenue of $110,219. One year ago, Car-Mart recorded net income of $7.76 million on sales of $110,807.
“While we are facing some near-term revenue challenges, we are convinced that the direction we are going will provide significant profitable long-term opportunities for America's Car-Mart. We are confident that our business model is strong and our growth opportunities are outstanding,” said America's Car-Mart CEO William H. “Hank” Henderson.
“This is not the first time we have seen this situation over our 31-year history and we are making adjustments to help retain our better repeat customers who now may have a few more options than they have had in the recent past,” Henderson added.
America's Car-Mart shares (NASDAQ: CRMT) closed trading on Monday at $41.91. The company's stock has traded between $33.04 and $49.20 per share during the past year.