CarMax Plans To Open 15 Stores In Fiscal 2019

(RTTNews) - CarMax Inc. (KMX) said that it currently plans to open 15 stores in fiscal 2019 and between 13 and 16 stores in fiscal 2020. Of the 15 stores it plans to open in fiscal 2019, 10 are in metropolitan statistical areas having populations of 600,000 or less, which it defines as small markets. This is an increase from fiscal 2018, when 6 out of its 15 store openings were in small markets. The company estimates capital expenditures will increase to approximately $340 million in fiscal 2019.

Total used vehicle unit sales declined 3.1% and comparable store used unit sales fell 8.0% versus the prior year's fourth quarter. The comparable store sales performance primarily reflected lower store traffic and relatively flat conversion, as well as a tough comparison as it lapped strongest prior year performance.

Total wholesale vehicle unit sales increased 8.9% compared with the fourth quarter of fiscal 2017, largely driven by the growth in store base and an increase in appraisal buy rate.