CarMax reports $8.01 billion in Q1 revenue, up 6.2% from last year
CarMax reported a 6.2% increase in first-quarter net revenues, reaching $8.01 billion. The company’s net earnings per diluted share came in at $1.31, down from $1.38 in the same period last year.
The used-vehicle retailer’s gross profit slipped 4.4% to $854.4 million, while comparable store used unit sales fell 0.8%. Net earnings dropped 11.8% to $185.6 million.
Wholesale results showed improvement, with wholesale unit sales rising 8.4% to 162,064 and wholesale gross profit climbing 8.3%. The company’s CarMax Auto Finance unit posted income of $140.2 million, down 1% from the prior year.
Selling, general, and administrative expenses fell 3.7% to $635.2 million, driven by lower compensation and benefits costs. The company remains on track to achieve $200 million in exit-rate SG&A savings by the end of fiscal year 2027.