CarMax reported higher profit and sales in its latest quarter, driven by increased vehicle sales at elevated prices. The used-car retailer posted net earnings of $165.3 million, or $1.16 a share, for the quarter ended Aug. 31, compared with $95.4 million, or 64 cents a share, a year earlier. Analysts polled by Fact Set had expected quarterly earnings of 73 cents a share.

Net sales and operating revenues jumped 19% to $7.88 billion, ahead of Wall Street models for $7.09 billion. Combined retail and wholesale unit sales reached 387,735, up 15% from a year ago. Retail used unit sales increased 14%, while wholesale units increased 16%.

The average selling price for used vehicles climbed 6.3% to $27,623, while the average selling price for wholesale vehicles ticked up 1.8% to $8,036. Chief Executive Keith Barr said the results reflect solid execution against the company's turnaround strategy, "Shift into GEAR," which focuses on providing customers with great offerings and an easy shopping experience while enhancing digital capabilities and cutting costs.

Looking ahead, CarMax said it plans to resume share repurchases during the current quarter, with $1.31 billion remaining under its existing buyback authorization as of the end of the quarter.