America's Car-Mart Inc. of Bentonville on Thursday reported sizable increases in revenue and income for the first quarter of fiscal year 2019.
Car-Mart had revenue of $164 million, up 12 percent from $146.4 million in the same quarter a year ago. Income was nearly $10.9 million, up from $6.98 million in 2018.
Earnings per share was $1.53, up from 90 cents a year ago.
"We are happy with the progress we are making, and it is nice to see the hard work, dedication and commitment of our associates translate into good, solid top and bottom line results for the quarter," Car-Mart CEO Jeff Williams said. "We believe that by focusing on basic blocking and tackling, together with a firm commitment to continuous improvement in our daily operations, we will move the business forward in a positive manner."
Car-Mart reported selling 12,533 vehicles during the quarter, an improvement from the 11,837 it sold a year ago. The average price for each vehicle sold also went up to $11,015 from $10,386.
The company reported same-store revenue growth of 12.1 percent, compared to 2.1 percent in the same quarter a year ago.
"The average sales price increased 6.1 percent due to more sales of SUVs and trucks coupled with an increase in vehicle purchase costs which in turn results in higher selling prices," Car-Mart CFO Vickie Judy said.
Car-Mart had 140 stores open in the quarter, and Williams said a new store had just been opened in Fayetteville. Williams said stores in Conway, Alabama and Oklahoma would be opening in the second quarter.
