America’s Car-Mart Net Income Rises 22%
by February 15, 2012 7:29 pm 133 views
Bentonville-based America’s Car-Mart scored another solid quarter of revenue and earnings growth.
The “buy-here, pay here” car dealership group reported third quarter earnings of $7.3 million, or $0.73 per diluted share, up from $5.7 million, or $0.52 per diluted share, one year ago.
Revenue for the quarter was up 14% to $105.4 million. Same store sales, a barometer of retail growth, rose 7.9% compared to the previous year’s quarter.
“We saw the continuation of our strong operating results in the third quarter. By staying focused on customer success we have been able to consistently produce outstanding returns,” said William H. (“Hank”) Henderson, President and CEO.
“We operate in a difficult business and the dedication and compassion demonstrated every day by all of our associates truly makes us stand out as the industry leader,” he added.
The used car chain said it had opened six new dealerships in the current fiscal year and planned to open three more by the end of April.
“As we look forward, we are very excited to have the opportunity to not only grow our customer base in existing locations but to continue to add great new locations in the future. Our new store openings continue to go very well and these stores are really important in achieving our long-term goals,” Henderson said.
America’s Car-Mart (NASDAQ: CRMT) shares closed trading Wednesday at $40.13. During the past 52 weeks, the company’s stock has traded between $22.77 and $41.23 per share.