Net sales and operating revenues decreased to $5.79 billion in the third quarter from $6.22 billion in the comparable quarter of FY25. The top line came in above expectations. During the quarter, retail used unit sales and comparable store used unit sales declined by 8% and 9% respectively. Wholesale units dropped 6.2%.
Third-quarter net income declined to $62.2 million or $0.43 per share from $125.4 million or $0.81 per share in the prior-year quarter, but exceeded Wall Street’s estimates.
During the quarter, the company bought 238,000 vehicles from consumers and dealers, which is down 11.7%. year-over-year. It repurchased $201.6 million of its common shares in Q3.
“I’m honored to serve as Interim President and CEO at this important juncture for CarMax. Our unmatched physical and digital infrastructure, beloved national brand, and award-winning culture provide us with incredible advantages. Despite these advantages, based on recent results, it is clear CarMax needs change,” said David McCreight, Interim CEO.