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CarMax 1Q Profit Falls, Despite Higher Sales

Dow Jones06-17

By Connor Hart

CarMax said its fiscal first-quarter profit fell, hurt by price cuts the company had implemented to help spur sales.

The used-car retailer posted a profit of $185.6 million for its three months ended May 31, down from a profit of $210.4 million a year earlier. Quarterly earnings of $1.31 a share topped the 91 cents a share that analysts polled by FactSet had expected.

Net sales and operating revenues climbed 6.2% to $8.01 billion, ahead of Wall Street models for $7.42 billion.

Gross profit declined, reflecting the continuation of pricing actions put in place to drive improved sales trends, CarMax said. Comparable sales slipped 0.8%, not as steep as the 2% decline that analysts had forecast.

Combined retail and wholesale unit sales came in at 392,357, up 3.3% from a year ago. Sales of used retail units increased slightly, the company noted.

Chief Executive Keith Barr said CarMax has established a turnaround strategy that is driving early results and will continue to be implemented throughout the year.

Looking ahead, the company will price its cars competitively, work to improve digital capabilities and in-store experiences, grow profitability and look to cut costs.

Shares rose 3.6%, to $54, in premarket trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

June 17, 2026 06:28 ET (10:28 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Quarterly earnings of $1.31 a share topped the 91 cents a share that analysts polled by FactSet had expected. \n</p>\n<p>\n  Net sales and operating revenues climbed 6.2% to $8.01 billion, ahead of Wall Street models for $7.42 billion. \n</p>\n<p>\n  Gross profit declined, reflecting the continuation of pricing actions put in place to drive improved sales trends, CarMax said. Comparable sales slipped 0.8%, not as steep as the 2% decline that analysts had forecast. \n</p>\n<p>\n  Combined retail and wholesale unit sales came in at 392,357, up 3.3% from a year ago. Sales of used retail units increased slightly, the company noted. \n</p>\n<p>\n  Chief Executive Keith Barr said CarMax has established a turnaround strategy that is driving early results and will continue to be implemented throughout the year. \n</p>\n<p>\n  Looking ahead, the company will price its cars competitively, work to improve digital capabilities and in-store experiences, grow profitability and look to cut costs. \n</p>\n<p>\n  Shares rose 3.6%, to $54, in premarket trading. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Connor Hart at connor.hart@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 17, 2026 06:28 ET (10:28 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CarMax 1Q Profit Falls, Despite Higher Sales</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCarMax 1Q Profit Falls, Despite Higher Sales\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-06-17 18:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Connor Hart \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  CarMax said its fiscal first-quarter profit fell, hurt by price cuts the company had implemented to help spur sales. \n</p>\n<p>\n  The used-car retailer posted a profit of $185.6 million for its three months ended May 31, down from a profit of $210.4 million a year earlier. Quarterly earnings of $1.31 a share topped the 91 cents a share that analysts polled by FactSet had expected. \n</p>\n<p>\n  Net sales and operating revenues climbed 6.2% to $8.01 billion, ahead of Wall Street models for $7.42 billion. \n</p>\n<p>\n  Gross profit declined, reflecting the continuation of pricing actions put in place to drive improved sales trends, CarMax said. Comparable sales slipped 0.8%, not as steep as the 2% decline that analysts had forecast. \n</p>\n<p>\n  Combined retail and wholesale unit sales came in at 392,357, up 3.3% from a year ago. 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Quarterly earnings of $1.31 a share topped the 91 cents a share that analysts polled by FactSet had expected. \n\n\n  Net sales and operating revenues climbed 6.2% to $8.01 billion, ahead of Wall Street models for $7.42 billion. \n\n\n  Gross profit declined, reflecting the continuation of pricing actions put in place to drive improved sales trends, CarMax said. Comparable sales slipped 0.8%, not as steep as the 2% decline that analysts had forecast. \n\n\n  Combined retail and wholesale unit sales came in at 392,357, up 3.3% from a year ago. Sales of used retail units increased slightly, the company noted. \n\n\n  Chief Executive Keith Barr said CarMax has established a turnaround strategy that is driving early results and will continue to be implemented throughout the year. \n\n\n  Looking ahead, the company will price its cars competitively, work to improve digital capabilities and in-store experiences, grow profitability and look to cut costs. \n\n\n  Shares rose 3.6%, to $54, in premarket trading. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 17, 2026 06:28 ET (10:28 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}