America’s Car-Mart, Inc. (NASDAQ: CRMT) shares traded lower after reporting a first-quarter loss of 69 cents per share, compared to a net loss of 15 cents per share last year. Quarterly sales of $341.312 million missed expectations due to fewer retail units sold.

President and CEO Doug Campbell noted increased consumer demand and a decline in credit losses to 23.35%. The average down payment decreased to 4.9%, while delinquencies rose to 3.8% from the prior year quarter.

Despite a 5.7% decrease in sales volumes to 13,568 units, interest income rose by 7.5% and total collections increased by 6.2%. Gross margin improved to 36.6% due to vehicle pricing efforts and strong product attachment rates.

CRMT shares are trading 22.28% lower at $34.70. The company exited the quarter with $9.66 million in cash and equivalents and $112.451 million in inventory.

Read more at Yahoo Finance: America’s Car-Mart Stock Plunges After Sales Volume Dip, Delinquency Uptick