America’s Car-Mart Inc. of Bentonville reported second-quarter earnings of $7.5 million, a 29.5 percent increase from the same quarter a year ago.
Car-Mart said diluted earnings per share were 83 cents, an increase from 61 cents in the second quarter of fiscal 2014. Car-Mart reported revenue of $134 million for the quarter, up from $121 million a year ago.
The company saw an increase in sales as it offered more lower-priced vehicles. Car-Mart sold 12,084 vehicles during the quarter, which represented a nearly 14 percent increase.
Average monthly sales per store also moved up, from 27.6 to 29.6.
Car-Mart CEO Hank Henderson said the company had 136 stores, seven more than in the same quarter a year ago. Car-Mart opened two stores this year and plan to open three more in the third quarter, Henderson said.
“We are pleased with the results for the quarter especially the improvements with our sales productivity,” Henderson said in a press release. “By focusing on affordability and offering a good mix of vehicles at all price points, we were able to increase the average retail units sold per store per month to 29.6 from 27.6 for the prior year quarter. Offering a solid assortment including lower priced vehicles allows our transactions to be more affordable for our customers, which we hope will increase success rates into the future.”
CFO Jeff Williams said Car-Mart bought back 180,525 shares of stock and received authorization to repurchase another 1 million. Car-Mart has bought back 3.5 million shares since February 2010, Williams said.