CarMax Inc., a Virginia-based auto retailer that recently acquired real estate in Urbandale with the intention of constructing two buildings on the northeast corner of Hickman Road and 104th Street, released the results of its fiscal year ended Feb. 28.

The largest U.S. auto dealer reported its fiscal 2011 net earnings increased by 35 percent to $380.9 million, or $1.67 per share, compared with $281.7 million, or $1.26 per share, in fiscal 2010. CarMax’s net earnings increased to $89.5 million, or $0.39 per share, in the last three months of fiscal 2011. That’s compared with $75.4 million, or $0.33 per share, in the year-earlier period.

“We are pleased to report strong fourth quarter and fiscal year results,” said CarMax President and CEO Tom Folliard, in the company’s annual report. “Comparable store used unit sales increased 12 percent in the fourth quarter, despite facing the toughest comparison of the year. For the fiscal year, our data indicates that we increased our share of the late-model used vehicle market by approximately 7 percent.”

In February, CarMax Auto Superstores Inc., a subsidiary of CarMax Inc., purchased a 7.5-acre parcel at 10315 Hickman Road in Urbandale and also plans to acquire a 4-acre site to the north from DRA Properties LC. In its report, the company announced fiscal 2012 plans to open stores in five cities: Baton Rouge, La.; Lexington, Ky.; Escondido, Calif.; North Attleborough, Mass.; and Chattanooga, Tenn.

CarMax’s estimated capital expenditures for the year will total about $225 million. Its total gross profit increased by 21 percent to $320.7 million in the fourth quarter, compared with $265.2 million in the last three months of fiscal 2010.