CarMax Profit Jumps 46% on Strong Sales
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Used-car dealer CarMax Inc. posted a 46% jump in profit for its latest quarter, helped by improved store traffic and people replacing cars destroyed by Hurricane Katrina.
The company, based in Glen Allen, Va., posted net income of $26.4 million, or 25 cents a share, for its fiscal third quarter ended Nov. 30, compared with $18 million, or 17 cents, a year earlier. The latest results include a gain of 3 cents a share from the company’s Auto Finance operations.
Sales increased 17% to $1.42 billion.
CarMax shares rose 69 cents to $28.20.
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