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May 31, 2023
CarMax Q1 2024 Earnings Report
CarMax's financial performance declined due to macroeconomic headwinds, but strategic actions led to improved business trends.
Key Takeaways
CarMax reported a decrease in net revenues by 17.4% to $7.7 billion, alongside declines in retail and wholesale unit sales. Despite these challenges, the company maintained strong margins and reduced SG&A expenses, partially offset by a legal settlement benefit. The company also saw sequential improvements in unit performance and prioritized operating efficiencies.
Net revenues decreased by 17.4% year-over-year to $7.7 billion.
Retail used unit sales fell by 9.6%, and comparable store used unit sales declined by 11.4%.
Wholesale units decreased by 13.6% compared to the previous year.
SG&A expenses decreased by 14.8%, driven by a legal settlement and cost management efforts.
CarMax
CarMax
CarMax Revenue by Segment
Revenue by Segment
Used Vehicles Revenue
CapyFin.comWholesale Vehicles Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
CarMax plans to open a total of five new stores across the country and their first offsite production location in the Atlanta metro market in fiscal year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income