RICHMOND, VA – CarMax, Inc. has reported record first quarter results for the quarter ended May 31, 2007.

  • Total sales increased 14 percent to $2.15 billion from $1.89 billion in the first quarter of last year. Comparable store used unit sales rose six percent for the quarter.

  • Total used unit sales grew 15 percent for the first quarter.

  • Net earnings increased 15 percent to $65.4 million, or 30 cents per diluted share, compared with $56.8 million, or 27 cents per diluted share, earned in the first quarter of fiscal 2007.

    Wholesale unit sales increased seven percent. Other sales and revenues climbed 11 percent, supported by an 18 percent increase in the sales of extended service plans and a 10 percent net increase in third-party finance fees.

    Total gross profit per retail unit of $2,801 was up modestly from the prior year’s first quarter, with an improvement in wholesale gross profit per unit largely offset by a reduction in new-vehicle profits. Average gross profit per unit on retail used cars was slightly higher than in the first quarter of fiscal 2007, and climbed from the fourth quarter level primarily as a result of normal seasonal trends. The increase in wholesale gross profit per unit reflected the continuation of the company’s multi-year efforts to improve both the car-buying process and in-store auctions.