CarMax boosts sales, profit
- June 22, 2011
Used-car retailer CarMax Inc. said Wednesday that sales in its first quarter rose 18 percent to $2.68 billion, compared with $2.26 billion during the first quarter of 2010.
Sales at comparable stores rose 6 percent and total unit sales were up 8 percent.
Profit increased 25 percent to$126.3 million, or 55 cents per diluted share, compared with $101.1 million, or 44 cents per diluted share, in the same period last year.
“We are especially pleased with our performance in light of recent economic and market challenges, including higher gas and vehicle prices, the uptick in the unemployment rate and the recent pull-back in consumer confidence,” CarMax CEO Tom Folliard said in a statement.