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America’s Car-Mart Inc. of Bentonville on Thursday reported fourth-quarter revenue of $195.7 million, up from $176.9 million in the same quarter a year ago.
Income for the quarter was $9.2 million, a decrease from $14.55 million in the fourth quarter of fiscal 2019. Earnings per share was $1.35, down from $2.07 a year ago.
Revenue for fiscal 2020 was $744.6 million, up from $669.1 million in fiscal 2019. Income was $51.3 million, up from $47.6 million, and earnings per share was $7.39, up from $6.73.
“As we push through the COVID-19 pandemic, our financial position and operating results reflect the quality and power of our Car-Mart business model,” CEO Jeff Williams said in a news release. “We are a ground-level operator and were able to turn on a dime to keep our dealerships open in accordance with all state and local orders so that we could continue serving the essential needs of our communities throughout the crisis.”
Williams said Car-Mart increased its digital presence and used curbside and home delivery of purchased vehicles. For the quarter, Car-Mart reported 13,314 vehicles sold at an average price of $12,408; both numbers were increases from 13,094 and $11,305 from a year ago.
Same-store revenue growth was 8.6% for the quarter, up from 2.9% a year ago.
For the fiscal year, Car-Mart reported 52,914 vehicles sold at an average price of $11,793; in fiscal 2019, Car-Mart sold 50,257 at an average price of $11,125. Same-store revenue growth was 9.3% for the year, up from 8.4%.
“In our nearly 40 years of business, we have weathered many storms, but through them all, we were steadfast in our focus on the customer experience: ‘Keeping our customers on the toad and giving them peace of mind,’” Williams said. “Our company has most certainly prioritized the safety and well-being of our associates and customers during the pandemic.”