CarMax: Net profit fell in the quarter, sales increased

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CarMax shares up 1.9% in pre-conference trading as the used car sales company reported revenue for the first quarter that fell but was in line with expectations, while sales rose higher than expected, boosted by higher prices. cars.

Net income for the quarter ended May 31 fell to $ 252.3 million, or $ 1.56 a share, from $ 436.8 million, or $ 2.63 a share, a year ago.

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Convergent estimates spoke of $ 1.49 earnings per share.

Sales rose 13.9% to $ 9.31 billion, compared to estimates for $ 9.06 billion.

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The cost of sales increased more than sales and burdened profits, as they increased 24.6% to $ 8.44 billion while the gross margin decreased to 9.4% from 12%.

Sales of used vehicles fell 11% to 240,950 vehicles and sales of used vehicles fell 12.7%.

But the increase in average used prices boosted sales by 13.9% to $ 7.01 billion, slightly higher than the $ 6.98 billion estimate.

Source: Capital

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