CarMax reports sales boost
THE TAKE: CarMax Inc. reported an 18 percent increase in second-quarter sales as sales of both used and wholesale vehicles grew for the user car retailer. During the quarter, which ended Aug. 31, used car sales rose 21 percent, while wholesale car sales rose 10 percent. Over the next year, CarMax plans to open 17 new superstores, including one in Lynchburg.
Revenue: Second-quarter net sales rose 17.7 percent to $3.23 billion, compared with $2.76 billion during the second quarter of last year.
Profit: Net earnings grew 26 percent to $140.3 million in the quarter. Net earnings per diluted share rose 29 percent to 62 cents.
THE COMPANY’S TAKE: “We are very pleased with our continued strong sales and earnings growth,” said Tom Folliard, president and chief executive officer. “The improvement was driven by several contributors, including double-digit growth in used and wholesale unit sales and CAF income.”