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Used-car chain cuts forecast

Tuesday, Sept. 23, 2003 | 11:06 a.m.

RICHMOND, Va. -- CarMax Inc., the used-car superstore chain, Monday posted a 25 percent jump in earnings for its latest quarter, but cut its forecasts for the current quarter.

Earnings for the second quarter ended Aug. 31 rose to $39.6 million, or 37 cents a share, compared with $31.7 million, or 30 cents a share, a year ago, the company said.

Total sales for the latest quarter increased 14 percent to $1.24 billion from $1.08 billion. Used-car sales at stores open at least a year, also known as same-store sales, climbed 4 percent.

However, CarMax lowered its third-quarter estimate for used-car same-store sales, seeing an increase of 4 percent to 6 percent instead of 5 percent to 7 percent, blaming the impact of Hurricane Isabel and soft sales in early September.

CarMax recently entered the Las Vegas market, opening a lot at Warm Springs Road and Gibson Road.

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