Carmax Reports Q2 Results

By Staff Writer September 25, 2020

CarMax Inc., the nation’s largest retailer of used cars, recently reported record results for the second quarter ended August 31.

Carmax reported net sales and operating revenues increased 3.3 percent to $5.37 billion. Total used units increased 3.9 percent; used unit sales in comparable stores rose 1.2 percent. Total wholesale units increased 5.1 percent; wholesale gross profit per unit up $158 or 17.0 percent, to $1,086.

CarMax Auto Finance (CAF) income increased 29.0 percent to $147.2 million. Net earnings increased 27.0 percent to $296.7 million, and net earnings per diluted share increased 27.9 percent to $1.79.

Eight to 10  new stores are planned in fiscal year 2022.

“We are very pleased to report record revenues and profitability this quarter,” said Bill Nash, president and chief executive officer. “In addition to our strong financial performance, we also completed the rollout of our omni-channel offerings. Consumers want to customize their own journey, and CarMax gives its customers the option to seamlessly do as much, or as little, online and in-person as they want.”

Rate this item
(0 votes)
Last modified on Tuesday, 29 September 2020 14:46