CarMax
Q4 2022 Earnings Call
Apr 12, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Thank you for standing by. Welcome to the fourth quarter fiscal year 2022 CarMax earnings release conference call. [Operator instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr.
David Lowenstein, AVP, investor relations. Please go ahead, sir.
David Lowenstein -- Assistant Vice President, Investor Relations
Thank you, Jess. Good morning. Thank you for joining our fiscal 2022 fourth quarter earnings conference call. I'm here today with Bill Nash, our president and CEO; Enrique Mayor-Mora, our senior vice president and CFO; and Jon Daniels, our senior vice president, CarMax Auto Finance Operations.
Let me remind you, our statements today regarding the company's future business plans, prospects and financial performance are forward-looking statements we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current knowledge and assumptions about future events that involve risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see the company's Form 8-K issued this morning in its annual report on Form 10-K for the fiscal year ended February 28, 2021, filed with the SEC.
Should you have any follow-up questions after the call, please feel free to contact our investor relations department at 804-747-0422 extension 7865. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill?
Bill Nash -- President and Chief Executive Officer
Great. Thank you, David. Good morning, everyone, and thanks for joining us. For the fourth quarter of FY '22, our diversified business model delivered total sales of $7.7 billion, up 49% compared with last year's fourth quarter, driven by growth in average selling prices and wholesale volume gains partially offset by a decline in used units sold.
Net earnings was $159.8 million for the fourth quarter and $1.2 billion for the fiscal year. Fourth quarter net earnings per diluted share was $0.98, down 23% from a year ago. During our call in December, we shared that we were pleased with our sales performance at the start of the fourth quarter. However, we began to see pressure after the holidays that continued through the end of the quarter.