{"id":553,"date":"2026-06-17T17:45:03","date_gmt":"2026-06-17T17:45:03","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=553"},"modified":"2026-06-17T17:45:03","modified_gmt":"2026-06-17T17:45:03","slug":"carmax-shares-fall-after-used-car-retailer-reports-earnings-beats-ceo-details-turnaround-plan","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=553","title":{"rendered":"CarMax shares fall after used car retailer reports earnings beats, CEO details turnaround plan"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<p>In this article<\/p>\n<\/div>\n<ul>\n<li><span>KMX<\/span><span><button><\/button><\/span><\/li>\n<\/ul>\n<\/div>\n<div><button><span><span>Follow your favorite stocks<\/span><span>CREATE FREE ACCOUNT<\/span><\/span><\/button><\/div>\n<\/div>\n<div>\n<p>Shares of <span>CarMax<span><span><button><\/button><\/span><\/span><\/span> fell roughly 8% during midday trading Wednesday after the company beat Wall Street&#8217;s quarterly earnings expectations and its new CEO detailed a high-level turnaround strategy for the company.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=551\">Trump says he likes idea of blaming Vance if Iran deal doesn\u2019t work out<\/a><\/p>\n<p>Here&#8217;s how the company performed in its first fiscal quarter, compared with average estimates compiled by LSEG:<\/p>\n<ul>\n<li>\u00a0$1.31 vs. 95 cents expected <\/li>\n<li>\u00a0$8.01 billion vs. $7.42 billion expected<\/li>\n<\/ul>\n<p>Despite the beats, questions remain about the company&#8217;s ability to grow and cut costs under the plan as it faces tougher market conditions. The used vehicle retailer reported margin pressure and declining gross profit per retail used vehicle.<\/p>\n<p>CarMax&#8217;s total gross profit was $854.4 million, down 4.4% compared with last year&#8217;s first fiscal quarter. Retail used vehicle gross profit decreased 9.5% and retail gross profit per used unit was $2,177, down $230 from last year&#8217;s all-time record, the company said. Its net revenue was up 6.2% compared with nearly $7.6 billion a year earlier.<\/p>\n<p>CarMax reported net earnings of $185.6 million, down 11.8% from $210.4 million in the same period last year.<\/p>\n<p>Shares of CarMax are still up roughly 25% this year, including a roughly 16% increase since Keith Barr, a former CEO of <span>InterContinental Hotels Group<span><span><button><\/button><\/span><\/span><\/span>, began leading the company on March 16.<\/p>\n<p>Barr said he will release more details of his plan \u2014 which is expected to take multiple years to execute \u2014 in late fall, but he noted that leadership is &#8220;super confident about it.&#8221;<\/p>\n<p>&#8220;Our new strategy is focused on great offerings, easy experience, adding value, running lean, all of which, again, will drive sustainable long-term growth, which will create value for our shareholders,&#8221; he told CNBC during an interview.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=549\">Target, Walmart and Amazon among brands losing LGBTQ+ consumer spending, new survey says<\/a><\/p>\n<\/div>\n<div>\n<div><svg><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g><\/g><\/svg><\/p>\n<div><img decoding=\"async\" alt=\"hide content\" class=\"Collapsible-dismissButton\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\"\/><\/div>\n<\/div>\n<div><iframe height=\"460\" loading=\"lazy\" scrolling=\"no\" src=\"\/appchart?symbol=KMX&amp;range=YTD&amp;comp=CVNA&amp;type=line&amp;embedded=true&amp;$DEVICE$=undefined\" style=\"border:0;width:100%\" title=\"CarMax and Carvana shares in 2026.\"><\/iframe><\/div>\n<div>CarMax and Carvana shares in 2026.<\/div>\n<\/div>\n<div>\n<p>Barr said he has spent his first three months at CarMax better learning the car business, understanding the company&#8217;s operations and determining potential growth and cost-cutting areas, while aiming to streamline the car-buying processes for customers. <\/p>\n<p>&#8220;There&#8217;s definitely significant opportunity for growth here by having a really integrated, growth-oriented strategy that leverages technology, that leverages our scale, that leverages our stores, that will provide sustainable growth, too,&#8221; he said.<\/p>\n<p>His initial quick changes have ranged from making tweaks to CarMax&#8217;s website, such as showing monthly payments, and implementing an artificial intelligence call agent service to trying to better streamline a customer&#8217;s experience from online to in-store.<\/p>\n<p>Barr was brought in following massive share declines that led to pressure for former CEO Bill Nash to step down in November.<\/p>\n<p>Shares of CarMax&#8217;s largest competitor, <span>Carvana<span><span><button><\/button><\/span><\/span><\/span>, also were more than 7% lower during midday trading Wednesday, which coincided with the online vehicle retailer disclosing plans for its new franchised <span>Stellantis<span><span><button><\/button><\/span><\/span><\/span> stores. Carvana&#8217;s plan includes using the franchise stores to service vehicles and offer test drives, but it will still exclusively sell its vehicles online, even if customers are at the stores.<\/p>\n<p>Barr declined to comment on Carvana&#8217;s plans, but said CarMax has found the vast majority of its used vehicle customers still like to visit stores and see the vehicle they&#8217;re planning to purchase before doing so.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=547\">Jay Clayton DNI hearing in jeopardy as Trump says he will cancel meeting<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite the beats, questions remain about the company&#8217;s ability to grow and cut costs under the plan amid tougher market conditions, including margin pressure.<\/p>\n","protected":false},"author":1,"featured_media":552,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-autos"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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