Source Pravda.Ru

CarMax Reports Good Income, though Deals Cautiously

CarMax Inc. posted a profit Friday for its fiscal third quarter and the car dealership chain said it will open three previously built stores in the next fiscal year, but doesn't plan any further store growth until the automotive market improves.

The company, which predominantly sells used vehicles, said its results benefited from stronger sales, cost-cutting efforts and gains from its financing division.

CarMax operates 100 stores and said sales rose about 19 % to $1.73 billion in the quarter, while sales at stores open at least a year rose 8 %.

Traffic and sales execution improved during the quarter despite low consumer confidence, tighter lending standards and double-digit unemployment.

CarMax has been focused on eliminating waste and improving execution to weather the weak automotive market and better position it for future growth.

Expenses for the third quarter fell 11.7 %  to $192.1 compared with the year-ago period due to lower advertising spending and efforts to curb store and corporate overhead costs, the company said.

The Associated Press has contributed to the report.

Comments
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
Putin does not exclude war with Ukraine in Donbass
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
Serbia will recognize Kosovo only over its dead body
Russia reveals new videos of Putin's new formidable weapons being tested
Putin does not exclude war with Ukraine in Donbass
Putin does not exclude war with Ukraine in Donbass
Putin does not exclude war with Ukraine in Donbass
The Dark side of the Moon and the western political circus
Putin-Trump summit in Helsinki held in the cross hairs of the Russian fleet
Putin does not exclude war with Ukraine in Donbass
Putin does not exclude war with Ukraine in Donbass
Putin does not exclude war with Ukraine in Donbass
Serbia will recognize Kosovo only over its dead body
Putin does not exclude war with Ukraine in Donbass
Russian Ambassador to US speaks about aftermath of Putin-Trump summit
Serbia will recognize Kosovo only over its dead body
Serbia will recognize Kosovo only over its dead body
Serbia will recognize Kosovo only over its dead body
Trump versus the Traitors on Capitol Hill