- CarMax reported adjusted earnings of $1.31 per share, significantly higher than the consensus estimate of $0.96.
- First-quarter revenue rose 6.2% year-over-year to $8.0 billion, surpassing the $7.39 billion expected by analysts.
- Combined retail and wholesale vehicle sales grew 3.3% to 392,357 units, though retail comparable-store sales saw a slight decline of 0.8%.
- The company reduced selling, general, and administrative expenses by 3.7% and is targeting $200 million in annualized savings by fiscal 2027.
Quotes
“We are entering this fiscal year with a clear strategy that is driving early results. We have identified four strategic pillars that will meaningfully improve how we operate at scale and support strong performance.”
“a strong showing for KMX's new CEO”