The Richmond, Virginia-based company reported earnings $233.6 million, or $1.40 a share, up from $220.9 million, or $1.24 a share, a year ago, and beat analysts' expectations of $1.33 a share. Sales totaled $5.2 billion, up 9.1% from a year ago, and exceeded Wall Street's forecast $5.1 billion.
Used unit same-store sales increased 3.2%, the company said, while total used unit sales rose 6.2% to 209,091 vehicles. Average used vehicle selling prices grew 2.9% to $20,581.
The comparable-store sales performance reflected "strong conversion and solid growth in web traffic," CarMax said.
Total wholesale vehicle unit sales increased 4.7% from the second quarter of fiscal 2019, largely driven by an increase in the company's appraisal buy rate, which was partially offset by lower appraisal traffic.
"CarMax posted solid second quarter results, and our double-digit increase in earnings per share reflected growth across our used, wholesale and CAF operations, along with ongoing share repurchases," Bill Nash, president and CEO, said in a statement.
Nash said that the company was making significant progress in rolling out its omni-channel experience.
"This experience, which allows customers to move seamlessly between online channels and physical locations, is now offered to approximately one-third of our customer base," Nash said. "And, we remain on track to reach the majority of our customers by the end of this fiscal year."