America’s Car-Mart of Rogers (Nasdaq: CRMT) on Monday reported revenue for fiscal 2022 of $1.2 billion, up from $918.6 million in fiscal 2021.
Income, however, was down at $93.3 million for the year, which ended April 30, compared to $104.1 million for the previous fiscal year. Earnings per share was $13.67, down from $19.95 in 2021.
The annual report had been delayed after America’s Car-Mart asked the U.S. Securities & Exchange Commission for a 15-day extension on June 30 because it has been pushed into a new regulatory status: “large accelerated filer.”
The buy-here, pay-here dealer reported it had 154 dealerships opened in 12 states, mostly in the south and central regions of the country. America’s Car-Mart said more than 27% of its revenue is from Arkansas sales.
Used car prices have gone up, generating revenue for the company, but the price of acquiring used cars to resell to customers has also increased, cutting into income figures. The company had 93,982 customers at the end of the third quarter but did not report the number of customers at the year’s end.
America’s Car-Mart reported selling 60,595 vehicles in fiscal 2022, up from 56,806 sold in 2021. The average sales price was $16,649, up from $13,621 in 2021.
Same-store revenue growth was 30.5% in 2022, up from 18.7% the previous year.
The company did not report its quarterly financials but it appears that it had revenue of $351.8 million in the fourth quarter of fiscal 2022, up from $279.1 million. Income was $26.6 million, down from $43.5 million.
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