CarMax Expects to Beat First-Half Forecasts

CarMax Auto Superstores Inc., the car sales unit of Circuit City Stores Inc., said its fiscal first-half profit probably will exceed forecasts. The company’s shares rose to a three-year high. CarMax expects to earn 42 to 46 cents a share for the six months ending in August, beating earlier forecasts. The shares, which trade as Circuit City Stores-CarMax Group, jumped $1.50 to close at $12.48 on the New York Stock Exchange. The Richmond, Va.-based company said 82% of its revenue came from used cars in last year’s final quarter. CarMax, which has stores in 37 locations around the country, including 33 used-car superstores, had revenue of $2.5 billion last year.