CarMax (NYSE:KMX) reports mixed Q4 results amid sales growth & tech push
CarMax (NYSE:KMX) announced its financial results for the fourth quarter and the fiscal year ended February 29, 2024.
The company reported net revenues of $5.6 billion for the fourth quarter, a slight decrease of 1.7% from the previous year.
Despite the revenue dip, retail used unit sales saw a 1.3% increase, with comparable store used unit sales rising by 0.1%.
However, wholesale units declined by 4%.
While the company's gross profit per retail used unit stood at $2,251, gross profit per wholesale unit was reported at $1,120.
Interestingly, CarMax Auto Finance (CAF) income rose by 18.9% to $147.3 million, primarily due to a lower provision for loan losses and an increase in average managed receivables.
Looking ahead, the company plans to focus on enhancing its omni-channel experience, leveraging data science, automation, and AI to drive operating efficiencies.
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