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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Feb. 29, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
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.