CarMax Profit And Sales Lag Estimates

CarMax Inc. said Tuesday it had net income of $175.4 million, or 90 cents a share, in the first quarter to end May, compared with $182.0 million, or 86 cents a share, in the year-earlier period. Sales edged up to $4.13 billion from $4.01 billion. The FactSet consensus was for EPS of 92 cents and sales of $4.21 billion. Total used vehicle unit sales rose 4% in the quarter, while same-store used unit sales rose 0.2%, just below the FactSet consensus of 0.3%. "The comparable store sales performance reflected the combination of an improvement in conversion that more than offset a decrease in store traffic," the company said in a statement. Shares were not yet active in premarket trade, but are down 6% in the year so far, while the S&P 500 has gained 1.9%.

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