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CarMax's stock slides 9% after earnings reflect pressures on used car industry

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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, -9.29% slid 9% Thursday, after the used car retailer’s second-quarter earnings fell from a year ago amid continued pressure in the sector.

“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. ” Our performance in the first half of the year has us on track to deliver on our goal of low-single-digit gross profit growth to lever SG&A for the full year, even when excluding the benefits from this year’s legal settlement.”

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