CarMax posts 7% gain in net income in Q4
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DETROIT -- CarMax Inc., the nation’s largest U.S. used-car retailer, posted increases in net earnings and revenues in its fourth quarter and fiscal year that ended Feb. 29.
The Richmond, Va.-based automotive retailer today reported net earnings in the latest quarter rose 7 percent from a year ago to $95 million. Revenue in the quarter increased 10 percent to $2.5 billion.
For the fiscal year, net earnings climbed 10 percent to $414 million, while revenues increased 11 percent to $10 billion.
The company’s retail used-vehicle sales in the quarter rose 6 percent to 105,769 units. For the fiscal year, its retail used-vehicle sales rose 3 percent to 408,080.
The retailer’s new-vehicle sales decreased 12 percent in the quarter to 1,727, and for the year dropped nearly 7 percent to 7,679.
The company also reported that its gross profit per retailed unit in the quarter stayed the same from a year ago at $3,146, and for the year rose 3 percent to $3,316 from the previous year.
CarMax ranks No. 77 on the Automotive News list of the top 125 dealership groups in the United States with retail sales of 8,231 new vehicles in 2011.
You can reach Ellen Mitchell at emitchell@crain.com.
