CarMax Inc (NYSE: KMX) posted weaker-than-expected second-quarter results on Thursday.
The used-car retail giant reported second-quarter earnings per share of 64 cents, missing the analyst consensus estimate of $1.09. Quarterly sales of $6.594 billion (down 6% year over year) missed the Street view of $7.024 billion.
The company bought 293,000 vehicles in total in the second quarter, a 2.4% decrease. Of these, 262,000 came from consumers (down 2.7%) and 31,000 from dealers (up 0.2%).
“While this was a challenging quarter, we remain confident in our long-term strategy and the strength of the earnings model that we have built,” said Bill Nash, president …