RICHMOND, Va. -

Along with strong gains in wholesale unit sales and CarMax Auto Finance income, improved used unit sales help push CarMax to record earnings for its recently completed fiscal year and fourth quarter.

Overall, the company reported net sales and operating revenues of $2.83 billion (up 14 percent year-over-year) for the fourth quarter ending Feb. 28 and $10.96 billion (up 10 percent) for the fiscal year ending the same day.

(The company noted that the prior fourth-quarter and fiscal year ended Feb. 29, 2012)

Fourth-quarter net earnings climbed to $107.2 million (up 13 percent) with full-year net earnings climbing 5 percent at $434.3 million.

Meanwhile, net earnings per diluted share for the fourth quarter was $0.46 per share (up 12 percent), and for the full year, it was up 4 percent at $1.87 per share.

As to the aforementioned used-car metrics, the company moved 447,728 used vehicles in the fiscal year, up from 408,080 used sales a year earlier. While total used unit sales climbed 10 percent, comparable store used-vehicle sales climbed 5 percent for the year.

In the fourth quarter, CarMax sold 118,306 used vehicles, up from 105,769 in the same period in the prior year. The 12-percent gain in total used sales during Q4 compared to a 6-percent hike for comparable-store sales.

Wholesale unit sales during the fourth quarter came in at 78,720 (up from 73,897 a year earlier), with full-year wholesale unit sales climbing from 316,649 to 324,779.

Fourth-quarter CAF income jumped to $76.0 million, a 15-percent rise, while full-year CAF income climbed 14 percent at $299.3 million.

“We are pleased to report solid increases in used and wholesale vehicle unit sales and CAF income, which allowed us to achieve record earnings for both the fourth quarter and the fiscal year,” said Tom Folliard, president and chief executive officer.

“We believe our long-term focus on developing associates, enhancing the customer experience, driving efficiencies, and building our store base continues to drive great results,” he continued.

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