Jun 22, 2011
CarMax, Inc. (NYSE:KMX) reported Q1 EPS $0.55 today, beating the consensus estimate for $0.47 per share. Revenues for the quarter grew 18% year-over-year to $2.68 billion, topping the consensus estimate for $2.52 billion.
Tom Folliard, president and chief executive officer said, "We are pleased to report another quarter of strong results. Comparable store used unit sales increased 6%, fueled by increased customer traffic. While traffic for the current quarter remained solidly above the prior year level, sales conversion dipped somewhat. We are especially pleased with our performance in light of recent economic and market challenges, including higher gas and vehicle prices, the uptick in the unemployment rate and the recent pull-back in consumer confidence."
Carmax has a potential upside of 29.6% based on a current price of $30.52 and an average consensus analyst price target of $39.56.
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