CarMax Aktie
WKN: 662604 ISIN: US1431301027
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CarMax Reports Third Quarter Results

Freitag, 20.12.19 12:50
Newsbild
Bildquelle: Fotolia
RICHMOND, Va. –

CarMax, Inc. (NYSE:KMX), the nation’s largest retailer of used cars, today reported results for the third quarter ended November 30, 2019.

Highlights:

  • Net sales and operating revenues increased 11.5% to $4.79 billion.
  • Used unit sales in comparable stores increased 7.5%.
  • Total used unit sales rose 11.0%.
  • Total wholesale unit sales increased 3.3%.
  • CarMax Auto Finance (CAF) income increased 3.9% to $114.0 million.
  • Net earnings declined 9.0% to $173.2 million and net earnings per diluted share declined 4.6% to $1.04.
  • Omni-channel experience remains on track to be available to the majority of customers by the end of fiscal 2020, and we plan to complete the roll out in fiscal 2021.

CEO Commentary:

“We are pleased with our strong unit sales growth this quarter,” said Bill Nash, president and chief executive officer. “Our retail sales strength was a direct result of our ability to execute well, with solid performance in operations, financing, customer progression, and marketing all contributing to our growth. In addition, we benefited from a favorable underlying used car sales environment.”

Commenting on net earnings and net earnings per diluted share for the third quarter, Nash noted that the year-over-year decrease was largely the result of a significantly higher stock-based compensation expense reflecting an increasing share price during the quarter and a planned increase in third quarter advertising expense related to the company’s omni-channel rollout and the launch of a new national advertising campaign.

“We remain excited about the unique and powerful experience we are providing through omni-channel, which is empowering customers to shop on their terms, whenever and wherever it is most convenient for them,” added Nash. “Our ability to seamlessly integrate our physical and digital experiences while continuing to drive comparable store sales growth, maintain an attractive used vehicle gross profit per unit, and deliver our exceptional customer service is a key differentiator.”

Third Quarter Business Performance Review:

Sales. Total used vehicle unit sales increased 11.0%, including a 7.5% increase in comparable store used unit sales compared with the prior year’s third quarter. The comparable store sales performance reflected strong conversion, which was aided by continued support from our third-party lending partners; solid growth in web traffic; and a favorable consumer response to our consumer initiatives.

Total wholesale vehicle unit sales increased 3.3% compared with the third quarter of fiscal 2019, driven by the growth in our store base, partially offset by lower appraisal traffic.

Other sales and revenues increased 4.1% compared with the third quarter of fiscal 2019. Extended protection plan (EPP) net revenues rose $11.4 million, largely reflecting our strong used unit growth and increased margins.

Gross Profit. Total gross profit increased 7.8% versus last year’s third quarter to $613.6 million. Used vehicle gross profit rose 11.7%, reflecting the increase in total used unit sales and a modest improvement in used vehicle gross profit per unit to $2,145 compared with $2,133 in the prior year’s quarter. Wholesale vehicle gross profit increased 2.0% versus the prior year’s quarter, driven by the increase in wholesale unit sales, partially offset by a decrease in wholesale vehicle gross profit per unit to $937 compared with $949 in last year’s third quarter. Other gross profit declined 0.8%, as the growth in EPP profits was offset by an $11.0 million decline in service department profits. The current quarter’s service profits were adversely affected by a recent increase in our post-sale warranty period from 30 to 90 days, near-term inefficiencies resulting from our recent ramp in technician hiring to support future sales growth, and higher stock-based compensation expense for service operations associates.

SG&A. Compared with the third quarter of fiscal 2019, SG&A expenses increased 18.4% to $484.8 million. Stock-based compensation expense rose $19.0 million, representing roughly one-quarter of the total year-over-year increase in SG&A expense. Other factors contributing to the change included a planned increase in advertising expense, the 10% increase in our store base since the beginning of last year’s third quarter (representing the addition of 19 stores), higher variable costs associated with our strong retail sales growth, and continued spending to advance our technology platforms and support our core and omni-channel strategic initiatives.

The growth in stock-based compensation expense was primarily driven by the 17% increase in our stock price during the current quarter versus the 15% decrease during the prior year quarter. Advertising expense increased $14.5 million due to both our new national advertising campaign launched in October and incremental marketing to support our omni-channel roll out. For the full year, we expect our fiscal 2020 advertising expense per retail unit to be slightly higher than the fiscal 2019 level. SG&A per used unit was $2,518 in the current quarter, up $157 year-over-year. The growth in stock-based compensation expense increased SG&A per used unit by $94.

CarMax Auto Finance.(1) Compared with last year’s third quarter, CAF income increased 3.9% to $114.0 million, reflecting a 7.5% increase in average managed receivables and a modest improvement in the total interest margin percentage, slightly offset by a higher loan loss provision. The provision for loan losses increased to $49.0 million from $40.8 million in the prior year quarter, reflecting both the growth in average managed receivables and a small increase in the provision as a percentage of managed receivables. Net losses remained well within our long-term targeted performance range. The allowance for loan losses was 1.15% of ending managed receivables as of November 30, 2019, comparable with 1.15% as of August 31, 2019, and up versus 1.12% as of November 30, 2018. The total interest margin percentage, which represents the spread between interest and fees charged to consumers and our funding costs, improved to 5.7% of average managed receivables from 5.6% in the prior year’s third quarter.

Other Income / Expense. We reported other income of $6.6 million in the third quarter of fiscal 2020 compared with other expense of $2.8 million in the prior year’s third quarter. The increase was primarily due to an unrealized gain on an investment recorded in the current year period.

Share Repurchase Activity. We repurchased 1.3 million shares of common stock for $114.8 million pursuant to our share repurchase program during the third quarter of fiscal 2020. As of November 30, 2019, we had $1.67 billion remaining available for repurchase under the outstanding authorization.

 

 

(1)

Although CAF benefits from certain indirect overhead expenditures, we have not allocated indirect costs to CAF to avoid making subjective allocation decisions.

Supplemental Financial Information

Amounts and percentage calculations may not total due to rounding.

Sales Components

 

 

Three Months Ended November 30

 

Nine Months Ended November 30

(In millions)

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Used vehicle sales

$

4,028.8

 

 

$

3,547.9

 

 

13.6

%

 

$

12,915.8

 

 

$

11,544.3

 

 

11.9

%

Wholesale vehicle sales

611.0

 

 

603.6

 

 

1.2

%

 

1,951.7

 

 

1,849.2

 

 

5.5

%

Other sales and revenues:

 

 

 

 

 

 

 

 

 

 

 

Extended protection plan revenues

97.0

 

 

85.6

 

 

13.3

%

 

321.7

 

 

284.2

 

 

13.2

%

Third-party finance fees, net

(9.4

)

 

(8.4

)

 

(12.2

)%

 

(35.2

)

 

(32.5

)

 

(8.2

)%

Other

62.6

 

 

67.2

 

 

(6.7

)%

 

203.5

 

 

209.2

 

 

(2.7

)%

Total other sales and revenues

150.2

 

 

144.4

 

 

4.1

%

 

490.0

 

 

460.9

 

 

6.3

%

Total net sales and operating revenues

$

4,790.0

 

 

$

4,295.9

 

 

11.5

%

 

$

15,357.5

 

 

$

13,854.5

 

 

10.8

%

 

Unit Sales

 

 

Three Months Ended November 30

 

Nine Months Ended November 30

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Used vehicles

192,563

 

173,476

 

11.0

%

 

625,922

 

568,754

 

10.1

%

Wholesale vehicles

113,996

 

110,403

 

3.3

%

 

361,277

 

344,604

 

4.8

%

 

Average Selling Prices

 

 

Three Months Ended November 30

 

Nine Months Ended November 30

 

2019

 

2018

 

Change

 

2019

 

2018

 

Change

Used vehicles

$

20,710

 

 

$

20,273

 

 

2.2

%

 

$

20,431

 

 

$

20,109

 

 

1.6

%

Wholesale vehicles

$

5,079

 

 

$

5,214

 

 

(2.6

)%

 

$

5,128

 

 

$

5,120

 

 

0.2

%

 

Vehicle Sales Changes

 

 

Three Months Ended

November 30

 

Nine Months Ended

November 30

 

2019

 

2018

 

2019

 

2018

Used vehicle units

11.0

%

2.3

%

 

10.1

%

3.2

%

Used vehicle revenues

13.6

%

3.6

%

 

11.9

%

5.3

%

 

 

 

 

 

 

Wholesale vehicle units

3.3

%

10.0

%

 

4.8

%

11.4

%

Wholesale vehicle revenues

1.2

%

9.2

%

 

5.5

%

11.8

%

 

Comparable Store Used Vehicle Sales Changes (1)

 

 

Three Months Ended

November 30

 

Nine Months Ended

November 30

 

2019

 

2018

 

2019

 

2018

Used vehicle units

7.5

%

(1.2

)%

 

6.7

%

(0.5

)%

Used vehicle revenues

10.0

%

0.1

%

 

8.5

%

1.5

%

 

(1)

Stores are added to the comparable store base beginning in their fourteenth full month of operation. Comparable store calculations include results for a set of stores that were included in our comparable store base in both the current and corresponding prior year periods.

 

Used Vehicle Financing Penetration by Channel (Before the Impact of 3-day Payoffs) (1)

 

 

Three Months Ended

November 30

 

Nine Months Ended

November 30

 

2019

 

2018

 

2019


Quelle: Business Wire

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