CarMax Inc. reported results for the latest quarter and fiscal year ended Feb. 28.
Net sales and operating revenues increased 9.3 percent to $4.05 billion in the quarter. For the fiscal year, net sales and operating revenues increased 4.8 percent to $15.88 billion.
Used unit sales in comparable stores increased 8.7 percent in the quarter and 4.3 percent in the fiscal year.
Total used unit sales rose 13.4 percent in the quarter and 8.3 percent in the fiscal year.
Total wholesale unit sales declined 1.2 percent in the quarter and 0.7 percent in the fiscal year.
CarMax Auto Finance income declined 10.2 percent to $82.9 million in the quarter. For the fiscal year, CAF income declined 5.9 percent to $369 million.
In the fourth quarter, net earnings increased 8.2 percent to $152.6 million. Year-over-year comparisons were affected by a previously disclosed impairment-related charge of $5.2 million, net of tax, or $0.03 per diluted share, which reduced the prior year’s fourth quarter results.
For the fiscal year, net earnings increased 0.6 percent to $627 million.