CarMax Inc. - KMX STOCK NEWS

CarMax, Inc. (NYSE:KMX) will release its third quarter financial results for the period ending November 30, 2022 on December 22, 2022. The announcement will be followed by a conference call with key executives at 9:00 a.m. ET to discuss the outcomes. CarMax, a leader in used vehicle retail, sold approximately 924,000 used and 706,000 wholesale vehicles in the last fiscal year, with over $9 billion in receivables originated by CarMax Auto Finance. The report will be accessible via webcast and telephone replay until April 10, 2023.

CarMax, Inc. (KMX) reported mixed Q2 results for the period ended August 31, 2022. Net revenues reached $8.1 billion, a 2.0% increase year-over-year, despite a 10.3% decline in combined retail and wholesale used vehicle unit sales. The gross profit decreased 9.6% to $737.1 million, with retail used vehicle gross profit down 2.3%. Net earnings per diluted share dropped to $0.79, down from $1.72 a year ago. CarMax Auto Finance income saw an 8.6% decline, driven by increased provisions for loan losses. SG&A expenses rose 16.0% to $666 million.

CarMax, Inc. (NYSE:KMX) will announce its second-quarter financial results for the period ending August 31, 2022, on September 29, 2022, before the market opens. A conference call with key executives, including CEO Bill Nash, will follow at 9:00 a.m. ET to discuss these results. Interested parties can listen in by calling (800) 289-0720 or internationally at (323) 701-0160. A live webcast will also be available on the CarMax investor relations website, along with a replay accessible until December 21, 2022.

CarMax (KMX) announces hiring events on August 25 in 15 cities, targeting automotive technicians and service professionals. Opportunities include on-the-spot job offers and sign-on bonuses up to $5,000. Positions available span various roles, with compensation for technicians ranging from $19-$53 per hour. Candidates who RSVP and apply for technician roles can enter a drawing for a $300 gift card. CarMax promotes career growth, industry-leading benefits, and has been recognized for its workplace culture.

CarMax (KMX) released its 2022 Corporate Responsibility Report, highlighting ambitious climate initiatives and a commitment to social responsibility. The report outlines plans to reduce greenhouse gas emissions by 50% by 2025 and achieve net-zero carbon emissions by 2050. Additionally, CarMax noted an increase in renewable electricity use to 17.23% in 2021, up from 15.73% in 2020. The company also expanded diversity efforts and increased hourly wages for associates. In FY22, over $9.5 million was invested in community initiatives, underlining its commitment to stakeholders.

CarMax reported a 21.0% increase in net revenues to $9.3 billion for Q1 ended May 31, 2022. Despite this growth, total unit sales fell 5.5% to 427,257, with retail used unit sales declining 11.0%. The gross profit per retail used unit rose $134 to $2,339, while CarMax Auto Finance income decreased 15.4% to $204.5 million. Net earnings per diluted share were $1.56, down from $2.63 a year ago, impacted by lower used sales and increased loan loss provisions.

CarMax, Inc. (NYSE:KMX) will announce its financial results for Q1 ended May 31, 2022, on June 24, 2022, and hold a conference call for investors at 9:00 a.m. ET. Key executives will participate in the call, which will be accessible via phone and a live audio webcast. Additionally, CarMax's annual shareholder meeting is scheduled for June 28, 2022, at 1:00 p.m. ET, to be held virtually. The company is known for its significant sales, selling approximately 924,000 used vehicles and 706,000 wholesale vehicles in fiscal year 2022, with over $9 billion in finance receivables originated.

Survey shows strong return policies can ease consumer uncertainty around used car buying

CarMax (KMX) released a survey revealing consumer attitudes towards large purchases like used cars. Notably, 93% indicated that a 30-day money-back guarantee would significantly influence their buying decisions. A quarter expressed dissatisfaction with current return processes. The survey also highlighted that two-thirds would consider purchasing an electric vehicle if a return policy were available. CarMax's 30-Day Money Back Guarantee aims to alleviate buyer stress, with 88% viewing it as unique among used car retailers.

CarMax (NYSE: KMX) reported a remarkable 4.0% nationwide market share of age 0-10 used vehicles for 2021, marking a 13% increase from the previous year. Q4 net revenues soared 48.8% to $7.7 billion, while full-year revenues reached $31.9 billion, an increase of 68.3%. The company sold 343,413 units in Q4, up 11.3%, despite a 5.2% decline in retail used unit sales. Net earnings were $159.8 million for Q4 and $1.2 billion for the fiscal year. CarMax plans to open 10 new stores in fiscal 2023 and aims for long-term targets of selling between 2 million and 2.4 million vehicles by fiscal 2026.