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Nov 30, 2023
CarMax Q3 2024 Earnings Report
CarMax's financial performance reflected sequential improvements across key business components, despite industry-wide pressures.
Key Takeaways
CarMax reported a 5.5% decrease in net revenues to $6.1 billion for the third quarter of fiscal year 2024. Despite a decline in retail used unit sales, the company saw growth in wholesale units and a significant increase in other gross profit. Net earnings per diluted share increased to $0.52 from $0.24 in the prior year, and the company resumed share repurchases during the quarter.
Net revenues decreased by 5.5% year-over-year to $6.1 billion.
Retail used unit sales declined by 2.9%, while wholesale units increased by 7.7%.
Gross profit per retail used unit was $2,277, and gross profit per wholesale unit was $961, both in line with the prior year.
Net earnings per diluted share rose to $0.52, compared to $0.24 in the same quarter last year.
Revenue by Segment
Forward Guidance
CarMax plans to open four stores during the fourth quarter of fiscal year 2024, including two in the New York metro market and one each in the Los Angeles and Chicago metro markets. Additionally, they will open their first stand-alone reconditioning center in the Atlanta metro market.
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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