- America's Car-Mart (CRMT -0.6%) reports FQ3 revenue growth of 22.2% Y/Y to $228.3M beating estimates by $11M.
- Same-store revenue growth was up 16.9% during the quarter on a 16.5% lift in the average retail sales price to $13,688.
- Retail units sold were 14,053 (+5.6% Y/Y) with Average retail units sold/store/month were 31.2 (+2% Y/Y).
- Gross profit per retail unit of $5,774 (+16.9% Y/Y) with Average number of stores in operation were 150 (+3.4% Y/Y).
- Co. saw leveraging with SG&A expenses decreasing to 16.7% of sales compared to 18.6% Y/Y due to the investments in associates and the business which are paying off well.
- Collections as a percentage of average finance receivables declined 110 bps to 12.1%.
- Net charge-offs were down to 4.9%, as the Co. continued to work to keep customers on the road and in their vehicles.
- Cash and equivalents at $4.2M and debt, net of cash, to finance receivables to 27.7%.
- “During the quarter, added $51.7M in receivables, increased inventory by $1.1M, funded $2M in net capex, and repurchased $3.7M of common stock, a total of $58.5M, with only a $12.3M increase in debt, net of cash.
- Previously: America's Car-Mart EPS beats by $0.30, beats on revenue (Feb. 16)