CarMax Posts 5% Increase In Q2 Profits

CarMax KMX reported about 5% rise in its second-quarter profit. KMX reported its Q2 profit at $107.9 million, or $0.48 per share, up from $103 million, or $0.46 per share, in the year-ago quarter. The company posted its revenue at $1.89 billion, from $1.71 billion. However, the Wall Street analysts expected the company to post its earnings at $0.40 per share, on revenue of $2.27 billion. KMX's comparable store used unit sales increased 4% y/y. KMX gross profit rose 11% y/y to $349.1 million, from $314.5 million, in the year-ago period. Tom Folliard, KMX's president and chief executive officer said, “We are pleased to report another quarter of solid increases in both used and wholesale unit sales.” He added, “We are especially pleased with the strength of our comparable store used unit sales where, despite our toughest comparison in recent quarters, we still delivered positive comps.” KMX's shares lost 0.08% to $24.10 in pre-market trading. Read more from Benzinga's Company news. Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.