CarMax Results Hit the Brakes Due to Accounting Correction

Used car retailer CarMax reported a nearly 9% increase in fiscal fourth-quarter revenue on Friday but results still fell short of expectations.

Author:: Brittany Umar
Publish date:: Apr 4, 2014 1:00 PM EDT

Used car retailer CarMax reported a nearly 9% increase in fiscal fourth-quarter revenue on Friday but results still fell short of expectations. CarMax reported profit of $99.2 million, or 44 cents a share, on revenue of $3.08 billion for the quarter -- coming in below analyst forecasts of earnings of 53 cents a share on revenue of $3.12 billion, according to Thomson Reuters. The company attributed the weaker-than-expected results to an accounting correction that cut earnings by $0.08 a share.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.