CarMax Inc. (NYSE: KMX) reported a 98% dip in earnings for the first quarter of 2020 as the results were hurt by the combined effects of COVID-19-related store closures and restrictions on operations, as well as reduced customer traffic resulting from the economic impact of the pandemic and nationwide shelter-in-place orders.
The company grew its liquidity position during the quarter by selling through inventory and quickly aligning costs to lower sales volumes. The comparable store used vehicle revenue plunged by 40.8% and used vehicle units dipped by 41.8% for the first quarter of 2020.
During the first quarter of fiscal 2021, the company opened four stores — all in existing markets (Tampa, Philadelphia, New Orleans, and Los Angeles). The Tampa and Philadelphia stores were completed prior to the company making the decision to pause its store expansion strategy, and the New Orleans and Los Angeles stores were substantially complete at that time and CarMax chose to open them in May.
Take a look at our Consumer articles here
Most Popular
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on
Target (TGT): A look at some of the challenges faced by the retailer in 3Q24
Shares of Target Corporation (NYSE: TGT) stayed green on Thursday, recovering from the stumble it took a day ago after delivering disappointing results for the third quarter of 2024 and
