CarMax Reports Quarterly Profits for 3Q

Summary Box: CarMax 3Q Net Income Up 10%

By The Associated Press – PROFITS UP: Used car dealership chain CarMax Inc. said its fiscal third-quarter net income rose more than 10 percent to $82.4 million, or 36 cents per share, in the three months that ended Nov. 30, up from $74.6 million, or 33 cents per share.

DOUBLE-DIGIT GAINS: Revenue rose 23 percent to $2.12 billion on strong used car sales and higher prices. Sales at stores open at least one year increased 16 percent during the quarter.

IT’S THE ECONOMY: Used car sales have been strong all year as buyers look to cut costs out of job security fears, and the demand has pushed prices to record levels.

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