June 21, 2012 / 11:51 AM / 5 years ago

Carmax profit misses as new-vehicle sales drop

June 21 (Reuters) - CarMax Inc, the largest retailer of used cars in the United States, posted a quarterly profit that missed analysts' estimates, hurt by a drop in new-vehicle sales.

Net income fell to $120.7 million, or 52 cents per share, from $125.5 million, or 54 cents per share, a year earlier.

Revenue rose 3 percent to $2.77 billion.

Gross margin declined to 13.8 percent from 14.3 percent a year earlier.

New vehicles sold in the quarter fell 13 percent to 2,107 units.

Analysts on average had expected earnings of 53 cents per share on revenue of $2.82 billion, according to Thomson Reuters I/B/E/S.

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