CarMax Shares Tumble 9.4% as Same-Store Sales, Used-Car Profit Fall for 4th Quarter
Updated
Updated · Bloomberg · Jun 17
CarMax Shares Tumble 9.4% as Same-Store Sales, Used-Car Profit Fall for 4th Quarter
3 articles · Updated · Bloomberg · Jun 17
Summary
CarMax shares sank as much as 9.4% in New York after the used-car retailer posted another drop in same-store sales and used-car profit.
A fourth straight quarterly decline in both measures sharpened doubts about whether CarMax’s turnaround can hold, even after management recently outlined a multi-year recovery plan.
The selloff hit a stock that had still risen 35% this year through Tuesday’s close, though it remains down about two-thirds from its 2021 peak.
The reaction extends investor skepticism seen earlier this week, when CarMax fell despite beating Q1 earnings estimates as weaker gross profit kept growth and margin concerns in focus.