CarMax Q2 profit up 10% as used car sales at stores rise

CarMax's second quarter income rose 10.2% as all main business lines, including selling used cars at its retail stores, registered double-digit growth from a year ago.

Its net income totaled $154.5 million, or 70 cents a share. Analysts who were polled by Thomson Reuters estimated 67 cents.

Sales were 11% higher to $3.6 billion.

Used car sales, its largest business, grew 10.6% to 2.9 billion. Wholesale car sales totaled $530.3 million, up 11.7%. But used car unit sales at comparable stores were relatively flat, up 0.2% from a year ago.

Shares of the Richmond, Va.-based company fell 7% in pre-market trading to $49.02.