CarMax Posts Higher Profit and Revenue
CarMax reported higher second-quarter profit and revenue as an effective pricing strategy drove a rebound in used-car sales. Overall net revenue rose about twenty percent to seven point nine billion dollars while quarterly profit increased significantly.
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CARMAX INC reported a 73% surge in quarterly profit to $165.3 million on Tuesday morning, driven by a pricing strategy that boosted used-car sales volume. The retailer's shares rose nearly 10% following the report. Net revenue climbed 20% to $7.9 billion for the three months ended August 31.
The earnings rebound comes as higher interest rates and vehicle shortages constrain the broader secondary auto market. Retail used-vehicle sales rose 13.8% to 227,391 units during the period.
