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UPDATE: Carmax, Inc. (KMX) Misses Q4 EPS Views; Used Comps Up 7%

April 4, 2014 7:02 AM EDT
(Updated - April 4, 2014 9:00 AM EDT)

Carmax, Inc. (NYSE: KMX) reported Q4 EPS of $0.52, $0.01 worse than the analyst estimate of $0.53. Revenue for the quarter came in at $3.08 billion versus the consensus estimate of $3.18 billion.

Used comps rose 7 percent.

Total Used Vehicle Sales Changes

Three Months Ended Years Ended
February 28 February 28
2014 2013 2014 2013
Used vehicle units 12% 12% 18% 10%
Used vehicle dollars 12% 16% 18% 12%

Superstore Openings. During the fourth quarter of fiscal 2014, we opened five stores, including two in Philadelphia, which is a new market for CarMax. We also added stores in the St. Louis; Baltimore/Washington, D.C.; and Sacramento markets. In total, we opened 13 stores in fiscal 2014, bringing our used car superstore count to 131 as of February 28, 2014. Subsequent to the end of the quarter, we opened stores in Rochester, New York, and Dothan, Alabama.

Share Repurchase Program. During the fourth quarter of fiscal 2014, we repurchased 2.6 million shares of common stock for $117.9 million pursuant to our share repurchase program. For the fiscal year, we repurchased 6.9 million shares at a cost of $306.0 million.

Our Board of Directors approved a $1 billion expansion of our share repurchase program, which will expire on December 31, 2015. The new authorization is in addition to the $800 million of repurchases previously authorized by the Board, of which $282.1 million remained available as of February 28, 2014.

For earnings history and earnings-related data on Carmax, Inc. (KMX) click here.



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