RICHMOND, Virginia, Sept. 25, 2024 (GLOBE NEWSWIRE) -- CarMax (NYSE: KMX) has been named to Fortune magazine's 2024 Fortune Best Workplaces in Retail™ list for the 10th consecutive year, ranking #6 in the large company category. Earning a spot on this prestigious list means that CarMax is one of the country's best companies to work for. "We are immensely proud of CarMax's associates for their dedication and hard work. This award is a testament to their unwavering commitment and the supportive culture we hav ...

Wall Street analysts expect CarMax (KMX) to post quarterly earnings of $0.85 per share in its upcoming report, which indicates a year-over-year increase of 13.3%. Revenues are expected to be $6.82 billion, down 3.5% from the year-ago quarter. The consensus EPS estimate for the quarter has undergone a downward revision of 2.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe. Ahead of a ...

RICHMOND, VA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The Richmond Flying Squirrels and Richmondbased CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, announced today that the new Richmond ballpark and community entertainment venue will be named CarMax Park. The multi-year exclusive naming rights for the new ballpark expands the partnership between the Flying Squirrels and CarMax, which began in 2016. In addition to serving as the home of the Flying Squirrels, CarMax Park will also host larg ...

Richmond, VA, Aug. 23, 2024 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE: KMX), the nation's largest retailer of used cars, is excited to announce the launch of its latest and zaniest campaign yet: "BeetleMax: The Way Car Buying Shouldn't Be." This campaign, created in collaboration with Warner Bros. Pictures, is here just in time for the highly anticipated film "Beetlejuice Beetlejuice," only in theaters on September 6, 2024. "We're taking you on a wild ride through a car dealership run by none other than Beetle ...

RICHMOND, VA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE: KMX), announces EVP and Chief Information and Technology Officer, Shamim Mohammad, was inducted into the prestigious CIO Hall of Fame during the 2024 CIO 100 Symposium in Colorado Springs, Colorado, on August 7. As one of 12 inductees, Shamim joins an elite group of CIOs who have significantly contributed to and profoundly influenced the technology profession while advancing the CIO role. The CIO Hall of Fame and the CIO 100 Symposium are o ...

On the cost side, CarMax experienced a 3.1% increase in selling, general, and administrative costs (excluding the legal settlement). Inflation is an ongoing issue, and it's hampering profitability. That said, it wasn't all bad with CarMax delivering gross profit per retail unit sold of $2,347, flat year over year, and record extended protection plan sales of $563 per unit. In late February, Carvana noted, "Net income for FY 2023 totaled $150 million and benefited by $878 million gain on debt extinguishment ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended May 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-31420 CARMAX, INC. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------------------------------------------|------------------------------ ...

These young consumers are the ones who are especially likely to be saving up to buy vehicles. The April installment of the same series, "Why 60 Percent of Gen Z's Live Paycheck to Paycheck," which drew from a survey of more than 3,400 U.S. consumers, found that 11% of Gen Z consumers cite buying a car as their top financial goal. Notably, CarMax highlighted year-over-year price declines, with average retail selling price per unit dropping by around $700. Nash noted that consumers have been buying older used ...

When we last covered CarMax, Inc. (NYSE:KMX) we suggested a buy sub-$70 a few months ago when the stock got nailed following Q4 earnings. KMX is a stock that we routinely cover, as it provides some insight into both car demand and the state of the consumer, and trends in inflation in used car pricing. We have traded KMX successfully many times, and following the last buy call, it rallied from the highs $60's to over $75. But otherwise, shares have been mostly sideways. We think shares can be bought on the n ...

Financial Data and Key Metrics Changes - For Q1 FY 2025, total sales were $7.1 billion, down 7% year-over-year, attributed to lower retail and wholesale volume and prices [5][19] - Net earnings per diluted share were $0.97, compared to $1.44 a year ago, with last year's quarter benefiting from a $59 million legal settlement [19][20] - Total gross profit was $792 million, down 3% from the previous year [19] Business Line Data and Key Metrics Changes - Retail unit sales declined by 3.1%, with an average selling price decrease of approximately $700 per unit or 3% year-over-year [5][19] - Wholesale vehicle margin was $157 million, down 6%, while wholesale gross profit per unit reached a record of $1,064, up from $1,042 a year ago [7][17] - CarMax Auto Finance (CAF) income increased by 7% year-over-year to $147 million, driven by an increase in total interest margin [18][46] Market Data and Key Metrics Changes - Used unit comps were down 3.8%, but comp performance strengthened in the latter half of Q1 [17] - Approximately 14% of retail unit sales were online, consistent with the previous year, while omni-channel sales increased to 57% from 54% [42] - The company sourced approximately 35,000 vehicles from dealers, a 70% increase from last year [6][4] Company Strategy and Development Direction - The company is focusing on enhancing vehicle sourcing capabilities and expanding omni-channel capabilities, including a new order processing system [25][26] - CarMax is positioning itself as a full-spectrum lender through the launch of a non-prime securitization program, which is expected to drive additional financing income [23][47] - The company aims to reduce costs in logistics and reconditioning to improve margins and support sales growth [50][121] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving trends in pricing and vehicle value stability, indicating a positive trajectory for the business [15][98] - The company is committed to managing SG&A expenses and expects to leverage a more fixed cost structure moving forward [37][20] - Management acknowledged the impact of macroeconomic factors on market share and emphasized ongoing efforts to strengthen the business [74][93] Other Important Information - The company repurchased approximately 1.4 million shares for a total of $104 million during the quarter, with $2.3 billion of repurchase authorization remaining [45] - The net interest margin percentage for the quarter was 6.2%, consistent with expectations [10] Q&A Session Summary Question: What are the trends in same-store sales and market share performance? - Management noted improved comp trends in the latter half of Q1, with slightly positive comps in June [29][30] Question: How does the company plan to manage advertising spend and SG&A expenses? - Management indicated that fluctuations in ad spend are expected and emphasized a commitment to managing SG&A expenses effectively [36][37] Question: What are the implications of the non-prime securitization for future growth? - The non-prime securitization is expected to enable growth in lower credit segments and enhance overall financing income [59][85] Question: How is the company addressing supply and sourcing challenges? - Management clarified that there is no significant supply issue, but the focus remains on sourcing quality vehicles that meet company standards [133] Question: What is the company's strategy regarding cost management and efficiency? - The company is actively pursuing cost reductions in logistics and reconditioning to enhance margins and support sales [121][50]