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.
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