– CarMax, Inc. reported record results for the first quarter ended May 31, 2005.Total sales increased 19 percent to $1.58 billion from $1.32 billion in the first quarter last year.
Comparable store used unit sales rose 6 percent for the quarter.
Total used unit sales grew 19 percent for the quarter.
Net earnings increased 13 percent to $39.8 million, or 37 cents per share, compared with $35.3 million, or 33 cents per share, reported in the first quarter of fiscal 2005.
First quarter fiscal 2006 earnings included 3 cents per share resulting from a CarMax Auto Finance favorable valuation adjustment of retained interests and the favorable terms of a CAF public securitization completed in April.
For the second quarter of fiscal 2006 ending August 31, 2005, CarMax expects comparable store used unit sales growth in the range of 3 percent to 9 percent, and earnings per share in the range of 29 cents to 34 cents.