CarMax Nearly Doubles Earnings
CarMax Group, the new- and used-vehicle dealer chain owned by Circuit City Stores Inc., on
April 2 announced its fiscal 2002 net earnings rose 99 percent to $90.8 million, largely due to zero percent financing.
CarMax's 2002 fiscal year ended Feb. 28. Net earnings for 2001 were $45.6 million.
The Richmond, Va., dealer group's net earnings for its 2002 fourth quarter rocketed 136 percent to $18.4 million. Its fourth-quarter net earnings in fiscal year 2001 included
a write-down of goodwill associated with two new-car franchises. That write-down reduced net earnings in that period by $5.4 million.
Fourth-quarter net earnings for 2001 were $7.8 million.
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