CarMax profit up on higher used car sales

2009 Mercedes-Benz E-Class AP

(AP) RICHMOND, Va. - Used car dealership chain CarMax (KMX) says its fourth-quarter profit rose 7 percent as improved customer financing helped boost sales.

The Richmond, Virginia-based company posted net income of $95 million, or 41 cents per share, for the period ended Feb. 29. That's up from $88.8 million, or 39 cents per share, a year ago.

Revenue grew 10 percent to $2.48 billion on strong sales of cars sold at wholesale auctions and higher prices.

Sales at stores open at least one year increased 4 percent. Wholesale vehicle unit sales increased 13 percent and used vehicle unit sales grew 6 percent.

Analysts polled by FactSet expected earnings of 40 cents a shares on sales of $2.42 billion.

CarMax Inc. runs more than 105 stores that mainly sell used cars and trucks.

Popular

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

Market News

Stock Watchlist

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

Download