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America’s Car-Mart Inc. of Rogers on Monday reported second-quarter revenue of $223.4 million, a 17% increase from $190.3 million in the same quarter a year ago.
The company also reported a sharp increase in quarterly profit, to $21.2 million, up 52% from $13.9 million a year ago. Earnings per share was $3.05, up from $2.
“Our disciplined execution and ongoing focus are propelling the business forward at an accelerating pace,” America’s Car-Mart CEO Jeff Williams said. “At the same time, significant investments in key areas are laying the groundwork for future growth. We have a healthy paranoia about change and are committed to re-inventing the business in order to adapt and prepare us for long-term market leadership.”
The company reported selling 14,022 vehicles in the quarter, up from 13,763 a year ago. The average sale price also increased to $13,365 from $11,589.
Same-store revenue growth was 12.8%, up from 12.2%.
“Our business continues to both generate cash and increased borrowing capacity while maintaining a conservative balance sheet, enabling us to think big about our place in the world,” Williams said. “We continue to make significant investments in the areas of customer experience, inventory procurement and recruiting and training. Improvements in these key areas will drive increased traffic and productivity.”