The used-car seller says 'vehicle affordability' weighed on second-quarter sales.
Shares of CarMax were falling in premarket trading Thursday after the user-car seller reported fiscal second-quarter revenue that declined sharply from a year earlier.
Revenue was $7.1 billion, down 13.1% from a year earlier, and slightly above estimates of $7.02 billion, according to FactSet. Total retail used-vehicle unit sales fell 7.4% from the year-earlier quarter and comparable-store used-unit sales fell 9%.
The company said it intends to resume share repurchases in the third quarter after pausing them in the third quarter of the previous fiscal year. Shares of CarMax were down 12% to $70.36 in premarket trading. Coming into Thursday’s session, the stock has risen 30% this year.
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