CarMax Q1 Sales Up 23% To $2.2bn
CarMax has reported net sales and operating revenues of $2.2bn for the first quarter of 2010, an increase of 23% compared to $1.83bn for the same quarter in 2009. Comparable store used unit sales increased 9% for the quarter.
The company posted gross profit of $333.5m, compared to $276.2m for the same period last year. Operating profit was $164.3m for the first quarter of 2010, compared to $47.4m for the same period in 2009.
For the quarter ended May 31, 2010, the company posted net income of $101.1m, or $0.44 per diluted share, compared to $28.7m, or $0.13 per diluted share for the same period a year ago.
Tom Folliard, president and CEO of CarMax, said: “Our 9% increase in comparable store used unit sales reflected the benefit of a continuing gradual rebound in customer traffic, as well as the easy year-over-year comparison. Sales execution remained strong, as our stores were able to maintain the recent gains in the sales conversion rate.”
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