America's Car-Mart falls as Q1 profit dips; names insider Campbell as CEO
05/09/2023 14:46
(Updates)
** Shares of automotive retailer America's Car-Mart CRMT.O
down 10.4% at $101.72 in early trading
** Co names President Doug Campbell as CEO to succeed Jeff
Williams, effective Oct. 1
** Reports Q1 EPS of 63 cents, down from $2.07 a year
earlier
** Co's provision for credit losses as a percentage of sales
rose to 30.9% from 25.9% last year
** Says the absence of stimulus checks, higher interest
rates and additional provisioning resulting from increased
contract terms led to higher loan losses in the quarter
** Q1 revenue increased 8.6% to $368 mln, with total retail
unit sales up 2.4%
** Up to last close, stock up 57% YTD
(Reporting by Juveria Tabassum in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com;))