America's Car-Mart Q1 profit dips, co announces CEO change; shares fall
05/09/2023 14:14
** Shares of automotive retailer America's Car-Mart CRMT.O
down 13% at $98.88 premarket
** Co says Doug Campbell to take over as CEO, effective Oct.
1, succeeding Jeff Williams
** Campbell joined the company in Oct. 2022 and is currently
president of CRMT's board of directors
** Co's Q1 2024 diluted EPS declines to 63 cents from $2.07
in the same period a year ago
** CRMT's provision for credit losses as a percentage of
sales rose to 30.9% from 25.9% last year
** Co 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
** CRMT's Q1 revenue up 8.6% at $368 mln, while total retail
unit sales increased 2.4%
** Average retail sales price rose by 4.1% to $18,799 vs. a
year ago
** Up to last close, stock up 57% YTD
(Reporting by Juveria Tabassum in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com;))