Breaking News
Apr 11, 2023
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CarMax Inc said revenue in the fiscal fourth quarter ending in February increased 25.6% to $5.6 billion and net income plunged to $69.0 million from $1159.8 million and diluted earnings per share fell to 44 cents from 98 cents a year ago.
Combined retail and wholesale used vehicle unit sales were 290,214, 15.5% lower compared to the previous year. Average selling price for used vehicles declined 9.3% to $26,598 from $29,312 a year ago.
Used vehicle sales unit sales at comparable stores declined 14.1% in the quarter on top of 6.5% fall in the previous year's period. Used vehicle revenue at comparable stores dropped 22.0% compared to 30.5% increase in the quarter a year ago.
During the quarter, the company did not repurchase any of its shares and the stock repurchase program still has $2.45 billion available for buyback.
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