NEW YORK (TheStreet) -- Used car retailer CarMax reported a nearly 9% increase in fiscal fourth-quarter revenue on Friday but results still fell short of expectations due to an accounting correction that weighed down earnings.
Used car retailer CarMax (KMX) reported a nearly 9% increase in fiscal fourth-quarter revenue on Friday but results still fell short of expectations.
CarMax reported profit of $99.2 million, or 44 cents a share, on revenue of $3.08 billion for the quarter -- coming in below analysts' forecasts for earnings of 53 cents a share on revenue of $3.12 billion, according to Thomson Reuters. The company attributed the weaker-than-expected results to an accounting correction that cut earnings by 8 cents a share.
CarMax has benefited as car buyers turn to used vehicles in a still-recovering economic environment. The company saw sales of used vehicles rise 12% during the period.
The company also announced a boost to its share buyback program by $1 billion; that's on top of $306 million in stock it repurchased during the last fiscal year.
At last check, shares of CarMax were falling more than 3% to $45.99.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.