CarMax Q1 sales $4.792 bln vs. $4.542 bln

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CarMax’s stock tumbles after used-car sales miss expectations

Shares of CarMax Inc. sank 5.2% in premarket trade toward an 11-month low in premarket trade Wednesday, after the used car retailer reported fiscal fourth-quarter sales that missed expectations. Net income for the quarter ending Feb. 28 fell to $122.1 million, or 67 cents a share, from $152.6 million, or 81 cents a share, in the same period a year ago. The results were reduced 18 cents a share for the revaluation of deferred tax assets, and increased by 11 cents a share for the reduction of the federal tax rate. The FactSet EPS consensus was 87 cents. Revenue rose $4.08 billion from $4.05 billion, but missed the FactSet consensus of $4.19 billion. Used vehicle sales fell to $3.43 billion from $3.45 billion, missing the FactSet consensus of $3.58 billion, while wholesale vehicle sales rose to $527.2 million from $465.9 million to beat expectations of $489.9 million. Used unit same-store sales dropped 8.0%, missing the FactSet consensus of a 1.2% decline. The stock had tumbled 12.2% over the past three months through Tuesday, while the S&P 500 had lost 4.0%.

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