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Kelvinpek
2023-04-11

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CarMax Posts Lower 4Q Sales as Inflation Weighs on Demand

CarMax Inc.'s sales fell by almost 26% in the fiscal fourth quarter as inflation, rising interest ra

CarMax Posts Lower 4Q Sales as Inflation Weighs on Demand

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Analysts polled by FactSet were expecting adjusted earnings of 20 cents a share.</p><p>Revenue fell 25.6% to $5.72 billion from a year earlier. Analysts were expecting sales of $6.11 billion, according to FactSet.</p><p>&#34;Our deliberate steps to navigate the pressures facing the used car industry are driving sequential improvements in our business, and we will continue to prioritize initiatives to increase efficiencies and create better experiences,&#34; Chief Executive Bill Nash said.</p><p>Combined retail and wholesale unit sales fell by 15.5%. The company said affordability challenges from persistent inflation, rising interest rates, tightening lending standards and low consumer confidence continued to weigh on customers.</p><p>The company said selling, general and administrative expenses fell 7.7% as it looked to cut costs by reducing marketing, pulling back on hiring and using fewer contractors in corporate offices.</p><p>CarMax said it expects to spend about $450 million on capital expenses in the current fiscal year and plans to open five new locations, including two stores around New York City and an offside production location near Atlanta.</p><p>Shares climbed 7.8% to $71.02.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d11ff253ca2b3fa4f0a0018867ceb524\" tg-width=\"848\" tg-height=\"838\"/></p><p></p></body></html>","source":"mwatch_stock","collect":0,"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 Posts Lower 4Q Sales as Inflation Weighs on Demand</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; 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