WASHINGTON (dpa-AFX) - CarMax Inc. (KMX) reported that its net earnings for the second-quarter increased to $233.60 million or $1.40 per share from last year's $220.89 million, or $1.24 per share, reflecting growth across used, wholesale and CAF operations, along with ongoing share repurchases. Analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share for the quarter. Analysts' estimates typically exclude special items.
In the pre-market trade, KMX is trading at $90.15, up $3.23 or 3.72 percent.
'In addition, we made significant progress on the roll-out of our omni-channel experience, and we remain confident that this is the future of car buying. This experience, which allows customers to move seamlessly between online channels and physical locations, is now offered to approximately one-third of our customer base. And, we remain on track to reach the majority of our customers by the end of this fiscal year,' said Bill Nash, president and chief executive officer.
Net sales and operating revenues for the second-quarter rose 9.1% to $5.20 billion from last year. Analysts expected revenues of $5.05 billion for the quarter.
Total used vehicle unit sales increased 6.2%, including a 3.2% increase in comparable store used unit sales compared with the prior year's second quarter. The comparable store sales performance reflected strong conversion and solid growth in web traffic.
Total wholesale vehicle unit sales increased 4.7% from, largely driven by an increase in our appraisal buy rate, partially offset by lower appraisal traffic.
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