CarMax Inc. reported results for the first quarter ended May 31. Net sales and operating revenues increased to $2.77 billion from $2.68 billion in the same quarter of last year.
Used unit sales in comparable stores were flat for the quarter. Total used unit sales rose 3 percent in the quarter. Total wholesale unit sales declined 2 percent. CarMax Auto Finance (CAF) income increased 8 percent to $75.2 million from $69.7 million in the prior year quarter. Net earnings decreased to $120.7 million, compared with $125.5million in the same quarter last year.CarMax plans to open eight more superstores in the next year.