CarMax 1Q earns fall, still tops view

Auto retailer CarMax Inc. said Friday its fiscal first-quarter profit fell 2.7 percent on a double-digit sales drop, a loss in its auto financing arm and charges related to loans, but still beat Wall Street expectations.

The Richmond-based company, which operates 100 stores, said it earned $28.7 million, or 13 cents per share, in the three months ended May 31, down from $29.6 million, or 13 cents per share, a year ago.

The latest results include a charge of 11 cents per share related to loans at its financing arm and a gain of 2 cents per share for a litigation settlement.

That left adjusted earnings at 22 cents a share — well above the 4 cents a share that analysts expected. The analyst estimates typically exclude one-time items.

Read Full Article from The Associated Press

- Posted: 2009-06-19 08:47:11

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