RICHMOND, VA – CarMax reported that Hurricane Rita is expected to have a minimal effect on overall sales and earnings.
"We are very fortunate that the brunt of Rita's force bypassed Houston," said Austin Ligon, president and chief executive officer. "It appears now that our four Houston superstores and our Houston associates came through the storm largely unscathed."
"We will have closed the Houston locations for about a week," Ligon said, "but, as with most weather-related events, we expect we will recover nearly all of the resulting lost sales during the next few months. We do not, however, expect there to be any sales benefit from Rita. We believe that few, if any, consumers in Houston lost vehicles as a result of the storm."