CarMax 2013 Annual Report Download - page 43

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CONSOLIDATED STATEMENTS OF EARNINGS
See accompanying notes to consolidated financial statements.
Years Ended February 28 or 29
(In thousands except per share data) 2013 % (1) 2012 % (1) 2011 % (1)
SALES AND OPERATING REVENUES:
Used vehicle sales $ 8,746,965 79.8 $ 7,826,911 78.2 $ 7,210,017 80.3
New vehicle sales 207,726
1.9 200,584 2.0 198,532 2.2
Wholesale vehicle sales 1,759,555
16.1 1,721,647 17.2 1,301,703 14.5
Other sales and revenues 248,572
2.3 254,457 2.5 265,302 3.0
NET SALES AND OPERATING REVENUES 10,962,818
100.0 10,003,599 100.0 8,975,554 100.0
Cost of sales 9,498,456
86.6 8,624,838 86.2 7,674,326 85.5
GROSS PROFIT 1,464,362
13.4 1,378,761 13.8 1,301,228 14.5
CARMAX AUTO FINANCE INCOME 299,267
2.7 262,185 2.6 219,983 2.5
Selling, general and administrative expenses 1,031,034
9.4 940,786 9.4 878,805 9.8
Interest expense 32,357
0.3 33,714 0.3 34,680 0.4
Other income 1,113
― 464 ― 480 ―
Earnings before income taxes 701,351
6.4 666,910 6.7 608,206 6.8
Income tax provision 267,067
2.4 253,115 2.5 230,711 2.6
NET EARNINGS $ 434,284 4.0 $ 413,795 4.1 $ 377,495 4.2
WEIGHTED AVERAGE COMMON SHARES:
Basic 228,095 226,282 223,449
Diluted 231,823 230,721 227,601
NET EARNINGS PER SHARE:
Basic $ 1.90 $ 1.83
$ 1.68
Diluted $ 1.87 $ 1.79
$ 1.65
(1) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.
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