Used Vehicle Retailer CarMax's Mixed Q1: Sales Decline 7.5%, CEO Highlights Positive Trends Amid Challenges
Portfolio Pulse from Shivani Kumaresan
CarMax Inc (NYSE:KMX) reported a mixed Q1 FY25 with a 7.5% decline in total net sales and operating revenues, missing analyst estimates. Despite a decrease in unit sales and gross profit, CarMax Auto Finance's income grew by 7%. The company's CEO highlighted positive trends amid challenges. Shares are trading slightly higher in premarket.
June 21, 2024 | 12:50 pm
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CarMax reported a mixed Q1 FY25 with a 7.5% decline in total net sales and operating revenues, missing analyst estimates. Despite a decrease in unit sales and gross profit, CarMax Auto Finance's income grew by 7%. The company's CEO highlighted positive trends amid challenges. Shares are trading slightly higher in premarket.
The mixed results, with declines in sales and unit sales but growth in CarMax Auto Finance's income, create a neutral short-term outlook. The slight premarket increase in share price suggests investor sentiment is cautiously optimistic.
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