CarMax (KMX 1.60%) turned on the turbo boost for its first quarter of fiscal 2014. The company released its results for the period last week, revealing net sales of $3.31 billion. This represents a 19% improvement over the $2.77 billion posted in the same period the previous year. Net income also rose, advancing 22% to $146.7 million ($0.64 per diluted share) from the year-ago quarter's $120.7 million ($0.52).
Both the quarter's top and bottom line figures hit records for the company. They also handily beat expectations. Analysts had been projecting revenue of $3.15 billion and EPS of $0.58. CarMax plans to release its Q2 results Sept. 24.
