CarMax’s Earnings Rise 2% for Quarter
CarMax Inc., the used-car retailer spun off from Circuit City Stores Inc., said fiscal first-quarter earnings rose 2% as the company sold more used vehicles than expected. CarMax also forecast a higher profit for the second quarter.
Net income for the period ended May 31 climbed to $35.3 million, or 34 cents a share, from $29.2 million, or 28 cents, a year earlier. Sales rose 17% to $1.17 billion, as used-car sales rose 21%.
For the record:
12:00 a.m. June 25, 2003 For The Record
Los Angeles Times Wednesday June 25, 2003 Home Edition Main News Part A Page 2 1 inches; 27 words Type of Material: Correction
CarMax earnings -- An article in Saturday’s Business section about CarMax’s fiscal first-quarter results incorrectly stated that the company’s net income rose 2%. It actually rose 21%.
CarMax shares fell 19 cents to $29.51 on the NYSE.
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