CarMax (KMX) reported earnings on Fri 22 Sept 2017 (b/o)

** charts after earnings **

  

CarMax beats by $0.03, beats on revs

• Reports Q2 (Aug) earnings of $0.98 per share, $0.03 better than the Capital IQ Consensus of $0.95; revenues rose 9.7% year/year to $4.39 bln vs the $4.26 bln Capital IQ Consensus.
  • Total used vehicle unit sales grew 11.1% and comparable store used unit sales rose 5.3% versus the prior year's second quarter. The comparable store sales performance reflected continued solid improvement in conversion resulting from strong execution by our store teams and our digital initiatives.
  • In connection with Hurricane Harvey, our six stores in Houston, Texas, were closed most of the last week of this year's second quarter, which had a modest adverse effect on comparable store used unit sales.
  • Wholesale vehicle unit sales increased 0.4% compared with the second quarter of fiscal 2017, as contributions from the growth in our store base and an increase in our appraisal buy rate were offset by a reduction in appraisal traffic.
  • During the second quarter of fiscal 2018, they repurchased 2.5 mln shares of common stock for $156.5 mln pursuant to our share repurchase program. As of August 31, 2017, we had $1.25 bln remaining available for repurchase under the program.