A favorable used-vehicle sales environment in the U.S. led to higher revenues and gross profits for CarMax Inc. in its third quarter, but stock compensation and advertising support for the company’s omnichannel retail rollout dented net profits.
The nation’s largest retailer of pre-owned cars and light trucks reported a 12 percent increase in net sales and operating revenues to $4.79 billion. The company’s total used-vehicle sales increased 11 percent, while same-store sales grew 7.5 percent. CarMax opened four stores in the quarter, in Palm Springs, Calif.; Gulfport, Miss.; Dallas and Atlanta.
