CarMax (KMX) Shares Drop 10% Despite Earnings Beat and Turnaround Plan
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowCarMax (KMX) reported earnings per share of $1.31, surpassing expectations of 95 cents, and revenue of $8.01 billion, exceeding the forecast of $7.42 billion. However, shares fell approximately 10% in midday trading due to concerns over growth under the new CEO's turnaround plan. The company's total gross profit declined by 4.4% to $854.4 million, and net earnings decreased 11.8% to $185.6 million compared to the same period last year. Despite these challenges, CarMax's shares remain up about 25% year-to-date.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About CarMax Inc. (KMX)
CarMax is the largest U.S. used-car retailer.
The Consumer Discretionary sector covers retailers, automakers and leisure companies whose sales rise and fall with consumer confidence.
Earlier KMX news
- Premarket Stocks: CarMax, AST SpaceMobile, Lionsgate Movement Updates
- CarMax (KMX) Earnings Beat Following Carvana Disruption
- CarMax (KMX) Reports Quarterly Loss Due to Goodwill Charge
- Toyota Tacoma Sold for $32-33K at CarMax: Market Insights
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