CarMax Reports Quarterly Loss on Weak Used Car Demand
The retailer posted a $120.7 million loss today as high fuel prices and industry headwinds reduced margins. Shares fell seven percent following the report.
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CARMAX INC reported a fourth-quarter loss on Tuesday, as the company faced a significant goodwill impairment charge and narrowing margins on its vehicle inventory. Following the announcement, shares of the Richmond, Virginia-based retailer fell 6.8% in premarket trading, reflecting broader struggles within the used-car sector to maintain profitability amid softening consumer demand and the impact of import tariffs.
