Summary Box: CarMax net income more than triples in 1st-quarter as it sells more used cars
By APWednesday, June 23, 2010
Summary Box: CarMax 1st-quarter net income jumps
THE FIRST QUARTER: Used car dealership chain CarMax Inc.’s net income more than tripled to $101.1 million, or 44 cents per share. Excluding a benefit related to lower-than-expected loan losses, net income totaled 41 cents per share.
SALES: CarMax, which operates more than 100 stores, said its revenue rose 23 percent to $2.26 billion and revenue at stores open at least a year rose 9 percent.
GROSS PROFIT: Lower reconditioning costs and an about 9 percent increase in its average selling price helped gross profit per used vehicle sold increase 10.5 percent to $2,212. Total gross profit increased 21 percent.
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