Reported 8 days ago
Used-car retailer CarMax reported a fourth-quarter profit that did not meet Wall Street expectations due to higher borrowing costs affecting consumer purchasing behavior. Despite a 6.7% increase in revenue to $6 billion, adjusted profits of 64 cents per share fell slightly below the anticipated 65 cents. This has resulted in a 7.5% drop in shares as industry trends show consumers shifting towards new vehicles amid concerns over affordability.
Source: YAHOO