CRMT - Why America's Car-Mart Stock Was Down This Week
2023-09-07 15:43:43 ET
Week to date, shares of America's Car-Mart (NASDAQ: CRMT) were down 17% at 2:34 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence .
The used car store chain reported strong sales results for the fiscal first quarter ending July 31. The company also announced a new CEO, but what sent the stock down was a jump in the provision for credit losses. As a result, Car-Mart reported just $0.63 in earnings per share , down from $2.07 in the year-ago quarter.
America's Car-Mart is operating in a weak environment for car sales, but it was impressive to see the company report strength across several key metrics. Customers are finding value at the company's dealerships, as retail unit sales grew 2.4%, which drove same-store sales up 8.2% year over year.
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Why America's Car-Mart Stock Was Down This Week