UPDATE: CarMax Posts Drop In Q1 Profit

CarMax

reported a decline in its first-quarter profit. CarMax's quarterly profit fell to $120.75 million, or $0.52 per share, versus $125.5 million, or $0.54 per share, in the year-earlier period. Its revenue climbed to $2.78 billion, from $2.68 billion. Analysts were expecting earnings of $0.53 per share on revenue of $2.82 billion. In fiscal 2013, the company plans to open 10 superstores, versus five store openings in 2012. CarMax shares closed at $27.90 yesterday.