|Used car dealership chain CarMax 4Q profit rises||| Print ||
|Written by MICHAEL FELBERBAUM, AP Business Writer|
|Wednesday, 10 April 2013 09:23|
RICHMOND, Va. (AP) — CarMax is reporting that its fourth-quarter profit increased 13 percent as improved inventory and financing offers drove up sales.
The used car dealership chain earned $107.2 million, or 46 cents per share, for the period ended Feb. 28, up from $95 million, or 41 cents per share, a year ago.
Revenue grew 13 percent to $2.83 billion.
Analysts expected earnings of 45 cents per share on revenue of $2.72 billion.
The company said Wednesday that sales at stores open at least one year rose 6 percent, used vehicle unit sales rose 12 percent and wholesale vehicle unit sales increased 7 percent.
CarMax Inc., based in Richmond, Va., runs more than 115 stores that mainly sell used cars and trucks. It plans to open a dozen more in the next year.
Copyright 2013 The Associated Press.