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CarMax posts higher Q2 profit
CarMax posts higher Q2 profit on rising customer traffic
Posted Tuesday, Sep 22, 2009, 2:09 pm in Employee News
CarMax Inc., the largest retailer of used cars in the United States, posted a higher quarterly profit, helped by improving customer traffic trends, Reuters reported.
“The government’s CARS, or “cash for clunkers,” program resulted in a spike in traffic in late July and August,” CEO Tom Folliard said in a statement. For the second quarter ended Aug. 31, net income rose more than seven-fold to $103.0 million, or 46 cents a share, from $14 million, or 6 cents, a year ago, the news service said.
The results included a gain of $72.1 million from favorable adjustments from CarMax Auto Finance, Reuters said. Sales rose 13 percent to $2.08 billion.
CarMax, which operates 100 used-car superstores in the United States, said total used-unit sales rose 10 percent in the second quarter. Wholesale unit sales increased 5 percent, the story said. (Reuters/Automotive News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
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