CarMax Auto Expects to Beat Forecasts
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Circuit City Stores Inc.’s CarMax Auto Superstores unit expects fiscal fourth-quarter earnings to beat forecasts because it’s selling more used cars than expected.
Net income in its fiscal quarter ending Feb. 28 is expected to be 16 cents or 17 cents for each CarMax share, the company said. Profit was expected to be 14 cents, the average estimate of seven analysts polled by Thomson Financial/First Call.
CarMax expects fourth-quarter comparable store used-car sales to rise 20% from a year earlier, barring bad weather this month.
Shares of Richmond, Va.-based CarMax rose $3.86 to $24.41 on the NYSE.
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