CarMax 2016 Annual Report Download - page 75
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17. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year
(In thousands, except per share data) 2016 2016 (1) 2016 2016 2016
Net sales and operating revenues $ 4,014,888 $ 3,884,913 $ 3,544,069 $ 3,705,805 $ 15,149,675
Gross profit $ 543,794 $ 521,370 $ 464,331 $ 489,265 $ 2,018,760
CarMax Auto Finance income $ 109,108 $ 98,279 $ 92,316 $ 92,333 $ 392,036
Selling, general and administrative
expenses $ 349,779 $ 330,784 $ 337,512 $ 333,860 $ 1,351,935
Net earnings $ 181,974 $ 172,228 $ 128,199 $ 141,027 $ 623,428
Net earnings per share:
Basic $ 0.87 $ 0.83 $ 0.64 $ 0.72 $ 3.07
Diluted $ 0.86 $ 0.82 $ 0.63 $ 0.71 $ 3.03
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year
(In thousands, except per share data) 2015 2015 (2) 2015 2015 (3) 2015
Net sales and operating revenues $ 3,750,196 $ 3,599,194 $ 3,405,234 $ 3,514,092 $ 14,268,716
Gross profit $ 501,731 $ 463,339 $ 446,620 $ 475,837 $ 1,887,527
CarMax Auto Finance income $ 94,615 $ 92,574 $ 89,722 $ 90,383 $ 367,294
Selling, general and administrative
expenses $ 313,446 $ 297,638 $ 316,632 $ 330,009 $ 1,257,725
Net earnings $ 169,653 $ 154,518 $ 130,049 $ 143,138 $ 597,358
Net earnings per share:
Basic $ 0.77 $ 0.71 $ 0.61 $ 0.68 $ 2.77
Diluted $ 0.76 $ 0.70 $ 0.60 $ 0.67 $ 2.73
(1) During the second quarter of fiscal 2016, we increased service department gross profits by $10.4 million, before tax, or $0.03 per share,
due to a change in the timing of our recognition of reconditioning overhead costs.
(2) During the second quarter of fiscal 2015, we reduced SG&A expenses by $20.9 million, before tax, or $0.06 per share, due to the receipt
of settlement proceeds from a class action lawsuit.
(3) During the fourth quarter of fiscal 2015, we reduced interest expense by $6.9 million, before tax, or $0.02 per share, for capitalized
interest related to earlier quarters in fiscal 2015.