CarMax 2002 Annual Report Download - page 99

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CARMAX GROUP
97 CIRCUIT CITY STORES, INC. ANNUAL REPORT 2002
14. QUARTERLY FINANCIAL DATA (UNAUDITED)
First Quarter Second Quarter Third Quarter Fourth Quarter Year
(Amounts in thousands) 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
Net sales and operating revenues........................................ $796,820 $625,741 $851,363 $673,561 $774,324 $561,693 $779,158 $639,996 $3,201,665 $2,500,991
Gross profit........................................................................ $103,960 $ 85,462 $108,526 $ 90,549 $ 91,026 $ 71,679 $100,191 $ 82,069 $ 403,703 $ 329,759
Net earnings ...................................................................... $ 26,572 $ 13,944 $ 27,391 $ 16,271 $ 18,443 $ 7,568 $ 18,396 $ 7,781 $ 90,802 $ 45,564
Net earnings attributed to CarMax Group
Common Stock........................................................... $ 6,832 $ 3,535 $ 8,028 $ 4,126 $ 6,554 $ 1,920 $ 6,582 $ 1,974 $ 27,996 $ 11,555
As more fully discussed in Note 1, the financial statements
of the CarMax Group should be read in conjunction with the
consolidated financial statements of Circuit City Stores, Inc.
and subsidiaries and the financial statements of the Circuit
City Group.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of
the CarMax Group as of February 28, 2002 and 2001, and the
results of its operations and its cash flows for each of the fiscal
years in the three-year period ended February 28, 2002, in con-
formity with accounting principles generally accepted in the
United States of America.
KPMG LLP
Richmond, Virginia
April 2, 2002
The Board of Directors and Stockholders of Circuit City Stores, Inc.:
We have audited the accompanying balance sheets of the
CarMax Group (as defined in Note 1) as of February 28, 2002
and 2001, and the related statements of earnings, group equity
and cash flows for each of the fiscal years in the three-year
period ended February 28, 2002. These financial statements are
the responsibility of Circuit City Stores, Inc.’s management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing stan-
dards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial state-
ment presentation. We believe that our audits provide a reason-
able basis for our opinion.
INDEPENDENT AUDITORS’ REPORT