CarMax's stock slides 6.5% after earnings reflect pressures on used car industry

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

CarMax posted earnings that were lower than a year ago as the CEO said the used car sector remains under pressure.

CarMax Inc.’s stock KMX, +1.84% slid 6.5% in premarket trade Thursday, after the used car retailer’s second-quarter earnings fell from a year ago amid continued pressure in the sector.

Richmond, Va.-based CarMax had net income of $118.6 million, or 75 cents a share, for the quarter through Aug. 31, down from $125.9 million, or 79 cents a share, in the year-earlier period. Sales fell to $7.074 billion from $8.145 billion a year ago. The FactSet consensus was for EPS of 75 cents and sales of $7.024 billion.

“We continue to drive sequential improvements in our business despite persistent widespread pressures across the used car industry,” CEO Bill Nash said in a statement. Combined retail and wholesale used vehicle unit sales fell 9% to 342,662. Online retail sales accounted for 14% of retail unit sales, up from 11% a year ago.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These Stocks Are Moving the Most Today: Micron, Peloton, Workday, Nike, CarMax, and MoreFiscal fourth-quarter revenue at chip maker Micron falls sharply from a year earlier, Peloton stock surges after signing a five-year partnership with...
Source: MarketWatch - 🏆 3. / 97 Read more »