CarMax Reports Record Year

By Staff Writer April 06, 2020

 

CarMax Inc., the nation’s largest retailer of used cars, reported record sales and earnings for the fourth quarter and fiscal year ended Feb. 29, but acknowledged the ongoing challenge of the coronavirus pandemic.

“The coronavirus pandemic is unprecedented,” said Bill Nash, president and chief executive officer. “The situation is dynamic and changing quickly, making it difficult to predict what the immediate future holds. However, we believe we have the leadership experience, liquidity, resources, financial stability and partners in place to withstand the current environment and be well-positioned for when the economy and consumers rebound.”

In the fourth quarter, net sales and operating revenues increased 14.9 percent to $4.96 billion. For the fiscal year, net sales and operating revenues increased 11.8 percent to $20.32 billion. Total used unit sales rose 14.7 percent in the fourth quarter and 11.2 percent for the fiscal year. Used unit sales in comparable stores increased 11.0 percent in the fourth quarter and 7.7 percent for the fiscal year. Total wholesale unit sales increased 2.0 percent in the fourth quarter and 4.2 percent for the fiscal year.

CarMax Auto Finance income increased 7.9 percent to $111.9 million in the fourth quarter. For the fiscal year, CAF income increased 4.0 percent to $456.0 million. In the fourth quarter, net earnings increased 11.6 percent to $214.9 million and net earnings per diluted share increased 15.0 percent to $1.30.

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Last modified on Thursday, 09 April 2020 14:05

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