CarMax Inc (NYSE:KMX) is trading higher Friday morning after the company announced better-than-expected financial results.
CarMax reported quarterly earnings of $2.63 per share, which beat the estimate of $1.63 per share. The company reported quarterly revenue of $7.7 billion, which beat the estimate of $6.24 billion.
"Our strong performance, which included record net revenues and profitability, reflects the strength of our omni-channel experience and diversified business model across retail, wholesale and CAF," said CEO Bill Nash.
The company sold 452,188 units through our retail and wholesale channels combined, up 128% from the prior year quarter and up 31% over a record first quarter in fiscal year 2020, primarily driven by significant demand for used autos and solid execution supported by our rapidly evolving omni-channel experience.
Retail used unit sales increased 100.6% to 270,799 vehicles; comparable store units increased 99.1% compared with a year ago and two-year comparable units grew 16.0%.
Wholesale units increased 186.6% to 181,389 from the prior year first quarter and 50.2% versus the first quarter of fiscal year 2020.
CarMax sells, finances and services used and new cars with a "no-haggle" policy.
CarMax has traded as high as $138.66 and as low as $84.70 over a 52-week period. It is up 26.43% year-to-date.
KMX shares sprinted $5.91, or 5%, to $125.34.
