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.