RICHMOND, Va. – Used car dealership chain CarMax Inc. said Thursday its fourth-quarter earnings doubled as higher prices and increased customer traffic drove sales. It also plans to resume store growth, a sign of recovery from the
worst U.S. auto sales market in decades.
Its shares climbed 55 cents, or 2.2 percent, to $25.67 in morning trading after trading at a 52-week high of $26.35 earlier in the session.
Stronger sales and profits as well as increasing stability in the credit markets will allow the Richmond company to open between eight and 15 stores over fiscal 2012 and 2013, said CEO Tom Folliard. It also will open three previously built stores this fiscal year, which it had announced last quarter
