CarMax, Inc. (NYSE: KMX) rose Friday after the company posted upbeat quarterly results.
The company, based out of Richmond, Virginia, reported net sales and operating revenues increased 5.5% to $4.79 billion. Moreover, used unit sales in comparable stores declined 2.3%. Total used unit sales rose 1.6, and total wholesale unit sales increased 9.6%.
CarMax Auto Finance income increased 5.7% to $115.6 million. Net earnings increased 12.7% to $238.7 million and net earnings per diluted share increased 17.7% to $1.33.
CarMax currently plans to open the following stores within 12 months from May 31, 2018. During this period, it promises to be entering 10 new television markets and expanding its presence in five existing television markets. Of the 15 stores it plans to open, nine will be in Metropolitan Statistical Areas having populations of 600,000 or less, which we define as small markets.
CarMax relishes its status as the nation’s largest retailer of used cars, currently operating 192 stores in 41 states nationwide.
"CarMax revolutionized the auto industry,” the company website says, "by delivering the honest, transparent and high-integrity car buying experience customers want and deserve. For more than 20 years, CarMax has made car buying more ethical, fair and stress-free by offering a no-haggle, no-hassle experience and an incredible selection of vehicles."
Shares faltered $7.58, or 10.7%,to $78.63, within a 52-week trading range of $57.04 to $77.64.
