NEW YORK, June 20 (Reuters) - Auto retailer CarMax Inc. said on Friday quarterly net earnings rose 21 percent percent, bolstered by stronger sales of used vehicles even as operating expenses rose.
The Richmond, Virginia company said its net income in the fiscal first quarter ended May 31 rose to $35.3 million, or 34 cents per share, from $29.2 million, or 28 cents per share, in the year-ago quarter.
Wall Street analysts had expected the company to earn 34 cents per share in the first quarter, according to Thomson First Call.
CarMax's own forecast, provided earlier this month, was also for a profit of 34 cents per share. Quarterly sales increased 17 percent to $1.17 billion from $1.01 billion a year earlier.