Automotive retailer CarMax Inc. today said earnings for the year that ended Feb. 28 fell to $59.2 million, compared with $182.0 million in fiscal 2008.
The Goochland County-based CarMax said sales for the fourth quarter were $1.47 billion, down 28 percent from the same period a year earlier, and sales for fiscal 2009 decreased 15 percent to $6.97 billion.
"Once again, the most significant factor affecting our sales was a sharp decline in customer traffic compared with the prior year," said Tom Folliard, president and chief executive officer.
Folliard said the weak economy was the largest factor in the company's comparable store sales decline.
"Our data indicates that while we experienced a small decline in our share of the late-model used vehicle market for the quarter, we gained market share for the full year," Folliard said. "We believe that our superior consumer offer will allow us to continue to gain share over the long term."
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