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Stock Markets3 hours ago (Jun 25, 2021 07:15AM ET)

(C) Reuters.

(Reuters) -Used-car retailer CarMax Inc (NYSE:KMX) topped Wall Street estimates for quarterly revenue on Friday, helped by strong demand as more people opted for personal vehicles over public transport due to the COVID-19 pandemic.

Earlier in the month, the company had said it would hire 1,800 employees by summer-end to boost its production through reconditioning and preparing vehicles for sale.

Retail used-unit sales increased 100.6% to 270,799 units in the first quarter, CarMax said. Comparable store units rose 99.1% from a year ago

The company said a robust used-auto demand environment, driven by federal stimulus checks as well as a shift in the timing of customer tax refunds, helped comparable store sales growth.

Net income rose to $436.8 million, or $2.63 per share, in the quarter ended May 31, from $4.98 million, or 3 cents per share, a year ago.

Total revenue rose 138% to $7.70 billion, above estimates of $6.24 billion, according to Refinitiv data.

Used-car retailer CarMax tops revenue estimates as demand soars

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Used-car retailer CarMax profit beats as stimulus checks drive demand