Shares of CarMax were tumbling in premarket trading Thursday after the user-car seller reported fiscal second-quarter revenue that declined sharply from a year earlier.
Revenue was $7.1 billion, down 13.1% from a year earlier, and slightly above estimates of $7.02 billion, according to FactSet. Total retail used-vehicle unit sales fell 7.4% from the year-earlier quarter and comparable-store used-unit sales fell 9%. The average retail selling price also fell by about $1,200 per unit, or 4%.
The company said it intends to resume share repurchases in the third quarter after pausing them in the third quarter of the previous fiscal year. Shares of CarMax were down 11% to $70.65 in premarket trading. Coming into Thursday’s session, the stock has risen 30% this year.
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