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CarMax Shares Soar on Profitable Quarter
Shares of CarMax (KMX Quote) were up nearly 10% in early trading, after the used-car retailer reported fourth-quarter profit rose 72% to $37.5 million, or 17 cents per share, for the three months ended Feb. 28, compared with $21.8 million, or 10 cents per share a year ago.
The profit part of the report was good, but revenue did fall 28% to $1.47 billion from $2.04 billion a year ago, as same-store sales tumbled 26% during the quarter. The company said used-vehicle sales dropped 26.8%, while new-vehicle sales fell 41.6%.
Looking ahead, management decided to pull back from offering any guidance, blaming unprecedented declines in traffic and sales and volatility in the credit market.
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