CarMax (KMX) reported fiscal Q1 net income Wednesday of $1.31 per diluted share, down from $1.38 a year earlier.

Analysts polled by FactSet expected $0.96.

Net sales and operating revenue for the fiscal quarter ended May 31 were $8.01 billion, up from $7.55 billion a year earlier.

Analysts surveyed by FactSet expected $7.42 billion.

Shares of the company were up 4% in recent Wednesday premarket activity.