America's Car-Mart, Inc. (NASDAQ:CRMT) Q1 2023 Earnings Conference Call August 18, 2022 11:00 AM ET
Company Participants
Jeff Williams - President & Chief Executive Officer
Vickie Judy - Chief Financial Officer
Conference Call Participants
John Rowan - Janney
Vincent Caintic - Stephens
Operator
Good morning, everyone. Thank you for holding and welcome to America's Car-Mart's First Quarter Fiscal 2023 Conference Call. The topic of this call will be the earnings and operating results for the first quarter of fiscal year 2023. Before we begin, today's call is being recorded and will be available for replay for the next 12 months.
As a reminder, some of management's comments today may include forward-looking statements which inherently involve risks and uncertainties that could cause actual results to differ materially from their present view. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of any forecast or estimate, nor does it undertake any obligation to update such forward-looking statements. For more information regarding forward-looking information, please see Part 1 of the company's annual report on Form 10-K for the fiscal year ended April 30, 2022 and its current and quarterly reports furnished to or filed with the Securities and Exchange Commission on Forms 8-K and 10-Q.
Participating on the call this morning are Jeff Williams, the company's President and Chief Executive Officer; and Vickie Judy, Chief Financial Officer.
And now, I'd like to turn the call over to the company's Chief Executive Officer, Jeff Williams.
Jeff Williams
Well, hello and thank you for joining us this morning and thank you for your interest in America's Car-Mart.
Unit volumes for the quarter were up 2.1%, with revenues up 23%. Given the inflationary operating environment and the lack of product at lower price points, we're convinced that we're picking up solid market share and many potential customers are staying out of the market because of affordability concerns. Consumer demand for our offering is expected to remain high and increase moving forward.
We believe the challenging macro conditions will eventually improve and volume opportunities for us will only get more attractive. We will remain focused on the things we can control, the initiatives we have in place to allow us to be a much larger, more profitable company over time, so that when headwinds switch to tailwinds, we will be ready to leverage our infrastructure even more.