Summary Box: CarMax 2Q net income up 4.8 pct as used car sales, prices continue to be strong
By APWednesday, September 22, 2010
Summary Box: CarMax 2Q profit up on used car sales
THE SECOND QUARTER: Used car dealership chain CarMax Inc.’s profit rose nearly 5 percent as a shaky economy continued to push consumers toward previously owned cars and trucks. Its net income rose to $107.9 million, or 48 cents per share.
SALES: CarMax, which operates more than 100 stores, said its overall revenue climbed 13 percent to $2.34 billion while revenue at stores open at least a year rose 4 percent.
GROSS PROFIT: Lower reconditioning costs and a 5 percent increase in its average selling price helped gross profit per used vehicle sold increase 4 percent to $2,205. Total gross profit increased 11 percent.
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