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Aug 31, 2023
CarMax Q2 2024 Earnings Report
CarMax's financial performance declined in Q2 2024, with revenue and unit sales decreasing, but margins remained strong and SG&A expenses were reduced.
Key Takeaways
CarMax reported a decrease in net revenues by 13.1% to $7.1 billion, alongside declines in retail used unit sales and wholesale units. However, the company maintained strong margins in both retail and wholesale, reduced SG&A expenses by 12.1%, and intends to resume share repurchases in the third quarter.
Net revenues decreased by 13.1% year-over-year to $7.1 billion.
Retail used unit sales declined by 7.4%, and wholesale units decreased by 11.2%.
Gross profit per retail used unit was $2,251, consistent with the prior year, while wholesale gross profit per unit increased to $963.
SG&A expenses decreased by 12.1% due to cost management efforts.
Revenue by Segment
Forward Guidance
CarMax intends to resume share repurchases in the third quarter of this year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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