CarMax shares slide 4% premarket after profit miss as COVID, declining consumer confidence and inflation weigh

CarMax Inc. shares undefined slid 6% in premarket trade Tuesday, after the retailer of used cars missed fiscal fourth-quarter profit estimates, offsetting a...

CarMax Inc. shares slid 6% in premarket trade Tuesday, after the retailer of used cars missed fiscal fourth-quarter profit estimates, offsetting a revenue beat, weighed down by a range of factors. The company posted net earnings of $159.8 million, or 98 cents a share, for the quarter to Feb. 28, down from $209.9 million, or $1.27 a share, in the year-earlier period. Sales and operating revenue rose to $7.687 billion from $5.164 billion a year ago. The FactSet consensus was for EPS of $1.

687 billion from $5.164 billion a year ago. The FactSet consensus was for EPS of $1.27 and sales of $7.499 billion. Chief Executive Bill Nash said the quarter was hurt by macro factors but the rollout of a new online instant appraisal offer helped the company retain its position as biggest U.S. buyer of used cars.

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