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CarMax shares up 3.6% premarket as earnings blow past estimates

CarMax Inc. shares rose 3.6% in premarket trade Friday, after the used car retailer topped profit and sales estimates for its fiscal first quarter. The company said it had net income of $266.7 million, or $1.59 a share, in the quarter to May 31, up from $238.7 million, or 1.33 a share, in the year-earlier period. Sales rose to $5.366 billion from $4.793 billion. The FactSet consensus was for EPS of $1.49 and sales of $5.179 billion. Used unit sales in comparable stores rose 9.5%, while used unit sales overall rose 13%. Shares have gained 32.3% in 2019 to date, while the S&P 500 has gained 17.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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