Welcome to our dedicated page for Carmax news (Ticker: KMX), a resource for investors and traders seeking the latest updates and insights on Carmax stock.
CarMax Inc. reports developments tied to its used-vehicle retail business, wholesale auctions, vehicle purchasing, extended protection products, repair activity and CarMax Auto Finance. Company updates commonly cover retail and wholesale unit trends, comparable-store sales, gross profit per unit, SG&A spending, advertising, restructuring actions and the availability and cost of capital for auto-loan financing.
CarMax news also includes digital and omnichannel car-shopping initiatives, including online buying and selling tools, as well as governance updates such as board composition, executive leadership changes and shareholder engagement. These developments reflect the company’s model of combining a national store base, online capabilities, vehicle appraisal and financing services for used-car buyers and sellers.
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CarMax reported its fourth quarter and fiscal year results for the year ending February 28, 2023. Net revenues for Q4 reached $5.7 billion, a decrease of 25.6% compared to the prior year. For the fiscal year, revenues fell 6.9% to $29.7 billion, driven by a 12.6% decline in retail used unit sales. Gross profit per retail unit increased to $2,277, while total gross profit decreased 14.1% from the previous year. CarMax Auto Finance income dropped 36.1% to $123.9 million due to higher loan loss provisions. The company opened five new stores in Q4 and plans to open five more in fiscal 2024. CarMax affirms long-term targets of selling between 2 million and 2.4 million vehicles by fiscal 2026.