CarMax Shares Up As Profit Beats Estimates

CarMax Inc. said Thursday it had net income of $143.1 million, or 67 cents a share, in the fourth quarter, up from $99.2 million, or 44 cents a share, in the year-earlier period. The used car retailer said sales rose to $3.51 billion from $3.08 billion. The FactSet consensus was for EPS of 60 cents and sales of $3.51 billion. Total used vehicle sales rose 12.4% in the quarter, while same-store sales rose 7%. The company said it's planning to open between 13 and 16 new stores in each of the next three fiscal years. In fiscal 2016, it intends to open 14 new stores, relocate one store and remodel about 15 older ones. Shares rose in thin premarket trade, and are up 2.7% in the year so far, outperforming the S&P 500's 0.1% gain.