America's Car-Mart, Inc. (CRMT: Quote) Thursday reported a decline in profit for the first quarter, due mainly to higher expenses.
Net income for the quarter declined to $8.1 million from $8.3 million in the same period last year. On a per-share basis however, earnings increased to $0.83 from $0.78 last year, mainly on lower number of shares outstanding.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $110 million, up 9.4 percent from $101 million last year. Same store revenue grew 5.5 percent year-over-year. Retail unit sales increased 7.8 percent to 9,753 from 9,049 last year.
Operating expenses for the quarter increased to $97 million from $87.3 million last year.
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by RTT Staff Writer
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