NEW YORK (TheStreet) -- Shares of CarMax Inc (KMX) are slipping 7.53% to $48.83 in early market trading after the company reported the growth in its used car lots slowed to nearly a halt, despite posting better than expected earnings results for the quarter.
CarMax's comparable unit sales growth at its used-car stores operating for at least a year, declined to 0.2% in the second quarter from 15.9% one year ago.
For its fiscal second quarter, the car company reported a net income increase to $154.5 million, or 70 cents per share, from $140.3 million, or 62 cents per share, a year earlier, higher than the 67 cents per share analysts expected.
Watch the video below for a closer look at CarMax's latest quarterly results:
Revenue rose 11% to $3.6 billion from the same quarter of last year, topping analyst estimates of $3.57 billion.