CarMax, Inc. (NYSE:KMX) today reported results for the first quarter ended May 31, 2012.
- Net sales and operating revenues increased 4% to $2.77 billion from $2.68 billion in the first quarter of last year.
- Used unit sales in comparable stores were flat for the quarter.
- Total used unit sales rose 3% in the first quarter.
- Total wholesale unit sales declined 2% in the first quarter.
- CarMax Auto Finance (CAF) income increased 8% to $75.2 million from $69.7 million in the prior year quarter.
Net earnings decreased 4% to $120.7 million, or $0.52 per diluted
share, compared with $125.5 million, or $0.54 per diluted share, in
the first quarter of fiscal 2012.
- Net earnings were increased by $0.01 per share in the current year period and $0.03 per share in the prior year period as a result of favorable CAF loss experience.
First Quarter Business Performance Review
“Although comparable store used unit sales were flat, solid execution resulted in strong used and wholesale gross profit per unit and higher CAF income,” said Tom Folliard, president and chief executive officer. Total customer traffic and conversion at comparable stores were both similar to the prior year’s quarter.
Wholesale unit sales declined 2% in the first quarter of fiscal 2013, following increases of 32% and 52% in the first quarter of the two previous fiscal years. The decline reflected the challenging year-over-year comparison, as well as a shift in the calendar that resulted in one less Tuesday auction date. Absent the calendar shift, we estimate wholesale unit sales would have been similar to last year’s first quarter. Appraisal traffic remained higher than in the prior year; however, our appraisal buy rate was slightly below the prior year level.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV