CarMax Inc. reports increase in sales, profit
THE TAKE: CarMax Inc. reported a 13 percent gain in revenues to $2.94 billion in the third quarter as used car sales grew 15 percent. Comparable stores rose 10 percent. CarMax opened three new superstores in the third quarter in Jackson, Tenn., Brandwine, Md. and St. Louis.
Revenue: Net sales increased 13 percent to $2.94 billion during the third quarter, which ended Nov. 30.
Profit: Net income grew 12 percent to $106. 5 million, or 47 cents per share, during the third quarter, compared with $94.6 million, or 41 cents per diluted share, for the same period the year before.
THE COMPANY’S TAKE: “We are pleased with our continued growth in sales and earnings,” Tom Folliard, president and CEO, said in a statement. “The earnings growth was driven by double digit increases in total used units and [CarMax Auto Finance] income.”