RICHMOND, Va. -

Although its net earnings dropped 3.8 percent, CarMax increased its retail used sales volume by 3.5 percent year-over-year in the first quarter and pushed its total net sales and operating revenues up 3.5 percent, as well.

The company sold 112,291 retail used vehicles during the quarter, compared to 108,511 sales in the year-ago period. Wholesale used sales came in at 83,541 units, down from 85,062 sales the year before.

Used-retail revenue jumped 5.7 percent to $2.2 billion, while wholesale revenue fell 2.1 percent to $467.8 million.

Overall revenue reached $2.8 billion, up 3.5 percent year-over-year. Net earnings came in at $120.7 million for a 3.8-percent decline.

“Although comparable store used unit sales were flat, solid execution resulted in strong used and wholesale gross profit per unit and higher CAF income,” said Tom Folliard, president and chief executive officer.

Specifically, used gross profit per unit was at $2,221. Wholesale gross profit per unit was at $980. Income for the CarMax Auto Finance unit was $75.2 million, a 7.9-percent increase.

In other company news, CarMax opened a Nashville, Tenn., and Fort Myers, Fla., locations this month.