Used vehicles retailer CarMax Inc. (KMX) announced a rise in its fourth-quarter net earnings to $107.22 million, or $0.46 per share, from $95.03 million, or $0.41 per share in the prior-year quarter. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.46 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales and operating revenues were $2.83 billion, up from last year's $2.48 billion, while it beat consensus estimates of $2.73 billion. During the quarter, used unit sales in comparable stores went up 6%, with total used unit sales up 12%, despite having one fewer day in this year's quarter. The comparable store used unit growth was driven by improved conversion, which the company believes to be benefited from several factors, including more compelling credit offers from CAF, increased inventory selection and continued strong in-store execution.
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