CarMax Posts Lower Net Profit

News

Detroit CarMax Inc. on Wednesday posted a lower quarterly profit and cut its outlook for the year, hurt by increased funding costs related to its auto finance unit.

Net income in the third quarter fell to $29.8 million compared with $45.4 million in the year-earlier quarter.

Net sales and operating revenue rose 7% to $1.89 billion from $1.77 billion a year before.

Comparable-store used-vehicle sales were flat in the quarter compared with a 13% increase last year.