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.
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