CarMax reports record quarterly, year-end results

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Used car retailer CarMax Inc. reported record results for its fourth quarter and fiscal year.

The Goochland County-based company’s fourth-quarter sales increased 10 percent to $2.48 billion, compared with $2.25 billion in the fourth quarter of last year. Profit was up 7 percent to $95 million, or 41 cents per diluted share, in the prior quarter.

Full year sales rose 11 percent to $10 billion, while profit increased 10 percent to $413.8 million, or $1.79 per diluted share, compared with $377.5 million, or $1.65 per diluted share, in the previous year.
Comparable-store sales rose 4 percent during the fourth quarter and 1 percent in the fiscal year. Total used unit sales rose 6 percent in the fourth quarter, while wholesale unit sales increased 13 percent.

Income for CarMax Auto Finance rose 22 percent to $66.1 million in the fourth quarter.

“We hit some major milestones this year, including total revenues of $10 billion and annual used retail vehicle sales in excess of 400,000 units, and we look forward to continued growth as we expand our store base in the coming years,” President and CEO Tom Folliard said in a statement.

During the quarter, CarMax opened a store in Chattanooga, Tenn.

Selling, general and administrative expenses increased 7 percent to $243.5 million from $226.9 million in the prior year’s fourth quarter because of the expansion of our store base, increases in sales commissions and other variable costs, and higher growth-related costs, partly offset by lower advertising expense.

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