CarMax, Inc. (KMX: Quote) posted first quarter profit of $120.75 million or $0.52 per share versus $125.5 million or $0.54 per share a year ago.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share. Analysts' estimates typically exclude special items.
Net sales and operating revenues were up to $2.77 billion from $2.68 billion in the prior-year quarter. Analysts expected revenues of $2.81 billion.
Used unit sales in comparable stores were flat for the quarter. Total used unit sales rose 3% in the first quarter.
Wholesale unit sales declined 2%.
"Although comparable store used unit sales were flat, solid execution resulted in strong used and wholesale gross profit per unit and higher CAF income," said Tom Folliard, president and chief executive officer.
Moving ahead, the company plans to open ten superstores in fiscal 2013, double the number opened in fiscal 2012.
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by RTT Staff Writer
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