CarMax reports 2Q profit flat

CarMax reports 2Q profit flat

CarMax reports 2Q profit flat

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Associated Press

Posted on September 20, 2012 at 2:45 PM

Updated Thursday, Sep 20 at 3:48 PM

RICHMOND (AP) -- Used car dealership chain CarMax says its profit was essentially flat in the second-quarter as wholesale sales fell and costs rose.

The Richmond-based company posted net income of $111.6 million, or 48 cents per share, for the period ended Aug. 31, compared with $111.2 million, or 48 cents per share, a year ago.

The results Thursday fell short of Wall Street expectations of 52 cents per share.

Revenue grew 7 percent to $2.76 billion, slightly above the $2.75 billion expected by analysts.

Sales at stores open at least one year rose 5 percent, used vehicle unit sales rose 8 percent and wholesale vehicle unit sales fell 2 percent.

CarMax Inc. runs more than 110 stores, including ones in Va. Beach and Newport News, that mainly sell used cars and trucks. It plans to open 10 stores in fiscal 2013.

AP-WF-09-20-12 1219GMT

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