America’s Car-Mart of Rogers reported third-quarter income of $18.8 million, down 5% from the same period a year ago.
Earnings per share came to $2.77, down from $2.85.
The earnings decrease came during a record-setting quarter for revenue, CEO Jeff Williams said. Revenue was $292 million, an increase from the $228.3 million the company posted in the same quarter a year ago.
Williams said sales were up in November and December but dropped 21% in January, which he attributed to the emergence of the omicron variant of the coronavirus.
“While January had other challenges — weather as well as the timing of stimulus payments in the prior year period — we believe the Omicron variant was the primary cause of the decline in unit volume for January,” Williams said. “The Omicron variant hit our region of the country later than most, but it appears to have followed the same trajectory as it has across the rest of the United States, and our workforce and our customer base have now returned to normal, pre-pandemic behavior.”
The company reported selling 14,126 vehicles in the quarter, up from 14,053 a year ago. The average price for each sale was $17,076, up from $13,688.
Same-store revenue growth increased 26.8%, an increase from 16.9% in the same quarter a year ago.
Car-Mart reported 93,982 customers at the end of the quarter, up from 85,807 a year ago.