Used-vehicle retail large CarMax Inc. stated it once more offered fewer used autos in its fiscal first quarter on account of inflation, car affordability points and waning client confidence.

The corporate retailed a complete of 240,950 used autos within the quarter ending Might 31, down 11 % from the identical time final 12 months. Comparable retailer used-vehicle gross sales additionally fell 12.7 %.

Nonetheless, CarMax noticed its income leap 21 % to $9.3 billion within the first quarter. It additionally introduced in additional revenue per car — $2,339 per every offered, a rise of $134.

CarMax stated it opened one new retailer in Edison, N.J., within the first quarter, its first within the New York metro market. That is a part of the corporate’s bigger plan to open 10 new areas in fiscal 2023.

Internet earnings for the quarter tumbled to $252.3 million, down roughly 42 % from $436.8 million within the year-earlier interval.

“Whereas the used-vehicle market atmosphere was difficult within the first quarter, we continued to make progress on the important thing strategic priorities that allow CarMax to develop worthwhile market share, now and into the long run,” CarMax CEO Invoice Nash stated in an announcement.

CarMax shares rose 7.2 % to shut Friday at $98.36.

Outcomes from the corporate’s earnings report embody:

Q1 internet earnings: $252.3 million, in contrast with $436.8 million within the year-earlier interval

Q1 internet income: $9.3 billion, up 21 % from a 12 months earlier

Q1 retail car gross sales: 240,950, down 11 % from a 12 months earlier

Q1 wholesale car gross sales: 186,307, up 2.7 % from a 12 months earlier

CarMax ranks No. 1 on Automotive Information’ listing of the highest 100 retailers ranked by used-vehicle gross sales, with retail gross sales of 924,338 used autos in 2021.