CarMax F3Q.2011 In-Line With J.P. Morgan

CarMax Inc. KMX reported F3Q.2011 EPS of $0.36, above consensus ($0.33) and in line with J.P. Morgan. “Relative to our model, stronger-than-expected top line was mitigated by weaker-than-expected gross profit per unit,” J.P. Morgan writes. “Revenue was 9% above JPMe ($2.119B vs. $1.942B), driven primarily by used vehicles (and some upside in wholesale revenue).” On the used business, revenues were 8% better than expected, largely explained by higher-than-expected same-store unit growth (+16% vs JPMe +8%). CarMax Inc closed Monday at $35.90.