CarMax Earnings Rise to 48 Cents Per Share

CarMax Inc (KMX) reported quarterly earnings of 48 cents per share, up from 46 cents per share a year earlier.

Net sales rose 13% to $2.34 billion, from $2.08 billion a year earlier, the company said in a statement. Comparable store used unit sales rose 4%, with total used unit sales rising 5%.

"We are pleased to report another quarter of solid increases in both used and wholesale unit sales," CEO Tom Folliard said. "We are especially pleased with the strength of our comparable store used unit sales where, despite our toughest comparison in recent quarters, we still delivered positive comps."

In the year-ago quarter, net earnings were boosted by 10 cents per share for CarMax Auto Finance favorable adjustments, mainly related to mark-to-market increases in the fair value of retained subordinated bonds.


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